Sep '10
As export duty was imposed on cotton yarn in the past, this restrained the spinners from bringing in two million cotton bales in the country, which then was available at a price of 78 cents per pound, he said.
There are no restrictions on importing yarn from any other country to meet the requirements of the value added sector. Also there is no need to give reason for imposing quota or export duty, Siddik said.
The value added sector has stopped demanding subsidies and has been working to boost their efficiency and cut down the costs, he said. While making a mention of the Indian Government's move to ban cotton exports beyond five and a half million bales, he said that India has not imposed any ceiling on exports of yarn.
He further said that, the prices of raw cotton have gone up significantly due to the recent floods in the country and that, if the spinners are not permitted to sell yarn at reasonable prices then many of them would have to cease their operations.
Fibre2fashion News Desk - India
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