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Changes suggested in cotton export policy by PMEAC
26
Jul '10
Sudden changes in the cotton export policy are likely to affect the farmer's interest, thereby, creating an impact in India's image as a dependable international supplier, informed the Prime Minister's Economic Advisory Council (PMEAC).

In its economic viewpoint for the current fiscal, PMEAC informed that, the cotton year 2009-10 has undergone a series of sudden policy changes, which has already initiated an element of uncertainty for the stakeholders, which is unacceptable.

During April and May this year, a number of policy decisions were taken with respect to exports of cotton. Starting with the duty that was imposed to cut down exports, followed by suspension of registered new export contracts, and the final blow was forcing shipments to undergo a license regime.

PMEAC avers that, all these sudden changes will harm India's stand as a trustworthy global supplier. The export restrictions were levied to curb the steep increase in outward shipments of cotton and rising local prices.

But these restrictions were later withdrawn in May, following protests from leading cotton producing states such as Gujarat. Therefore, the council feels that it is vital to decide now on the policy regime for next year, and accordingly fix a target for exports.

But PMEAC has directed that, policy makers should first fix the exports target, which should be based on the availability of cotton from local production, its use by the industry and the required stocks by the end of the cotton season.

More over, it was also suggested that all stakeholder ministries such as Textiles and Agriculture, must be involved in the task of fixing the export target. PMEAC informed that, the current export duty of Rs 2,500 per ton of cotton is far from just being unreasonable.

Fibre2Fashion News Desk - India


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