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Mr Chiripal lauds decision to exempt cotton from import duty
11
Jul '08
Mr. Ved Prakash Chiripal, Chairman of Rs. 300 crore, Ahmedabad based Denim producer Nandan Exim Limited has welcomed the Government's decision to withdraw the custom duty on import of cotton and stated that the move would help tame soaring prices of cotton in the local market.

It may be mentioned that the cotton prices have risen by 38-40 per cent, compared with the previous fiscal despite achieving a record production in the country at an estimated 31.5 million bales in the cotton season (October-September) of 2007-08.

He asserted that the textile and apparel industry has been passing through a rough patch with volatile Dollar, rising raw material and crude prices, high inflation, rising costs of labour, transportation and power.

Although the greenback has recovered during the last month, however, the exporters are not able to take advantage due to high exposure to Forward cover, a legacy of bad experience witnessed while Rupee had appreciated at unprecedented rate.

He appealed to the Government to unconditionally extend moratorium on completing export obligation under EPCG scheme by at least two years.

Shri Chiripal also cautioned the Government against any move to tinker with the interest rate subvention extended to core sector industry for availing EPC or reduction in Drawback rates which will be highly detrimental to the growth of industry.

Chiripal Group

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