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CPI (M) requests Govt to put cotton under Essential Commodities Act
19
Nov '10
The CPI (M) has requested the government to put cotton under the Essential Commodities Act in order to avert cotton futures trading, in addition to its demand for imposing a restriction on cotton exports immediately.

In a statement released by the party state secretary G. Ramakrishnan, it was mentioned that CPI (M) would extend its full support to the one-day strike called by the All India Powerloom Association, today, in order to back its claims.

He further added that an unexpected rise in the cotton prices as well as the yarn prices have led to a crisis in the knit wear sector, handloom and powerloom sectors. He also remarked that because of the increase in cotton and yarn prices, the textile industry, which is the basis of the economy in the western districts of Tamil Nadu, is facing terrible crisis.

He said that the government policy of exporting cotton, without maintaining sufficient stock for meeting local cotton requirement, is responsible for the current scenario. The cotton futures trading had raised its price in the global market and the Centre has not taken any measure to curb it.

Fibre2fashion News Desk-India


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