Following pressure from many quarters, the Indian government will review the ban imposed on cotton exports in a meeting to be held on March 9.
The Commerce Minister – Mr Anand Sharma who also holds additional charge of the Textiles Ministry took the decision to ban exports on the recommendations of the Textile Secretary, Agriculture Secretary and Commerce Secretary.
The meeting on March 9 will be attended by the Finance Minister – Mr Pranab Mukerjee, the Agriculture Minister – Mr Sharad Pawar and Mr Anand Sharma.
Ms Kiran Dhingra – Textile Secretary said, "Currently, textile mills are carrying lowest cotton inventories in the past ten years and considering the tight liquidity situation in the sector, it is not possible for them to purchase cotton in large quantities to cover their future requirements at this stage”.
She added, “The textiles policy of 2010 had laid down that a carry-forward balance of 5 million bales be maintained and only surplus cotton should be exported. Exports of 9.4 million bales have brought down the carry-over stocks to 3.6 million bales”.
Fibre2fashion News Desk - India