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Punjab slashes market fee on raw cotton trade
21 Sep '10
1 min read
Punjab Chief Minister Parkash Singh Badal has agreed to cut down the market fee and the Rural Development Fee (RDF) in respect of Narma and Kapas brands of raw cotton to one percent from current two percent. The reduction will be with immediate effect for the 2010-11 cotton procurement season or till March 31, 2011.
The Minister approved this reduction during a meeting with a delegation of Punjab Cotton Factories & Ginner's Association, headed by association President Bhagwan Bansal.
The decision is aimed at protecting the interests of the cotton cultivators, as well as of the cotton ginning industry.
Apart from that, the move is also seen, to afford a level playing field to the domestic cotton ginners, coping with unfair competition from cotton industries in other regions of the country like Rajasthan which has 0.80 percent as market fee and Maharashtra and Gujarat with one percent.
Prior to this too, the Punjab Government in a meeting held on August 9, 2010, had nullified the Punjab Infrastructure Development Cess of two percent imposed on raw cotton.
The cotton produce, this year is likely to be around 2 million bales as against 1.29 million bales in the previous year.
The Minister approved this reduction during a meeting with a delegation of Punjab Cotton Factories & Ginner's Association, headed by association President Bhagwan Bansal.
The decision is aimed at protecting the interests of the cotton cultivators, as well as of the cotton ginning industry.
Apart from that, the move is also seen, to afford a level playing field to the domestic cotton ginners, coping with unfair competition from cotton industries in other regions of the country like Rajasthan which has 0.80 percent as market fee and Maharashtra and Gujarat with one percent.
Prior to this too, the Punjab Government in a meeting held on August 9, 2010, had nullified the Punjab Infrastructure Development Cess of two percent imposed on raw cotton.
The cotton produce, this year is likely to be around 2 million bales as against 1.29 million bales in the previous year.
Fibre2fashion News Desk - India
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