The Group of Ministers (GoM), decided to allow export of an additional one million bales (1 bale = 170 kg) of raw cotton during the current cotton season. This is in addition to the 5.5 million cotton bales already exported, in the season, which runs from October to September.
The Group of Ministers is headed by Mr Pranab Mukerjee – Finance Minister, Mr Anand Sharma – Commerce Minister, Mr Sharad Pawar – Agriculture Minister and Mr Dayanidhi Maran – Textiles Minister.
“The situation will be once again reviewed after 45 days, after the report of the sowing area is received. As per our assessment, cotton acreage will rise in the new season, hence the decision to permit export of an additional one million bales”, said Mr Pawar.
Mr Sharma said, “The GoM took stock of ground realities like cotton requirements for domestic consumption, till the arrival of the new cotton crop in October 2011.
The textiles ministry however, was not in favour of relaxing the export cap, as it did not want to hurt interests of the local textile industry.
Fibre2fashion News Desk - India
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