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GoM to decide on cotton export limit
01
Jun '11
In order to decide on hiking the cotton export limit from current 5.5 million bales, an informal Group of Ministers (GoM) is likely to meet on June 2. The GoM comprises of Union Minister of Agriculture Sharad Pawar, Union Minister of Textiles Dayanidhi Maran, Finance Minister Pranab Mukherjee and Commerce and Industry Minister Anand Sharma.

It is expected that the Group would review the present situation, particularly in the context of recent closure by textile units to agitate against falling yarn prices. The GoM would closely review the cotton export limit as the farmers and ginning industry have raised a demand for increasing the export limit for the fibre.

The Ministry of Agriculture is in favour of raising the export ceiling from current 5.5 million bales (1 bale = 170 kg). Likewise, the Ministry of Textiles has also indicated a review of the cotton export ceiling for current season. The cotton season is from October to September.

It is expected that the GoM would try to settle the differences between their Ministries as all the concerned Ministries have come out with different crop production estimates.

Whereas the Agriculture Ministry has pegged the cotton crop output for the current season at 33.9 million bales, the Textiles Ministry has come out with a figure of 31.2 million bales.

Initially, the Union Government had capped cotton exports for the current 2010-11 season at 5.5 million bales, but the exporters have already shipped the quantity.

In view of robust rise in cotton prices, which badly hit the domestic textile industry, an export cap was imposed on its exports in October 2010. The high prices of raw material had then even compelled several apparel units to partially cease their operations.

The situation has, however, started reversing since March-end, and the prices of cotton have come down significantly since then.

Fibre2fashion News Desk - India


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