Union Textile Minister, Dayanidhi Maran, while shielding the government's move of imposing ban on exports of cotton said that, this was done to cut down the prices of cotton, as also to ease the situation for the country to avoid dearth of inputs.
Meanwhile, Maran while interacting with media said that, they will be re-examining the situations once the cotton flow starts perking up in the impending season, since October.
While mentioning that a number of spinning mills in Pakistan were compelled to shut down owing to lack of cotton he said that, as the mills were shut, other segments of the textile sector like weaving and knitwear were forced to spurt their production.
By this part of the year, India has already shipped 7.8 million cotton bales out of the country and the farmers have fetched considerable prices, which were on the higher side of the MSP fixed by the government, he divulged.
Nonetheless, he said that, the spinning sector in India does not have enough capacity so that it can utilize all cotton that is available. Therefore, the sector in order to absorb this unutilized cotton needs to bed in more spindles.
The Minister even remained present at a meet with the representatives of the textile industry, which included Confederation of Indian Textile Industry, Southern India Mills Association, Apparel Export Promotion Council, Tamil Nadu Spinning Mills Association and Tirupur Exporters' Association. The meet was summoned to deliberate on trimming down the cotton yarn prices.
Fibre2Fashion News Desk - India