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Minister's meet to discuss Indian cotton exports issue

09
Apr '12
An inter-ministerial group will meet today to thrash out a solution to the vexed issue of cotton exports between the Commerce and Agriculture Ministries. The meeting would also see representation from the Textiles, Industries and Finance Ministries.

It may be recalled that, the Commerce Ministry had banned exports of cotton with immediate effect from May 5, 2012.

Ms Kiran Dhingra – Textile Secretary had 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 had 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”.

However, within seven days, the Commerce Ministry permitted exports of cotton for those who had already registered export contracts prior to March 5, but which was also subject to due diligence from the Directorate General of Foreign Trade (DGFT).

The meeting will discuss different options put forth by various ministries participating in the meeting.

Fibre2fashion News Desk - India


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