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Hopes of bumper cotton crop, pushes Govt to withdraw 15% RD

27
Jul '10
With hopes of attaining bumper cotton crop, government withdraws the 15 percent regulatory duty, which was imposed on exports of cotton yarn.

The aforesaid decision was made during the fifth meeting of the Cabinet Committee on Textiles, which was chaired by the Federal Minister for Finance, Dr Abdul Hafeez Shaikh.

The committee assessed the current situation pertaining to cotton arrivals and production, export trends and availability of yarn for the value-added textile industry.

After evaluating the situation, keeping in mind the aforesaid conditions, they decided to let the duty regulation on exports of yarn expire on July 26, 2010, as pre-decided by the committee.

More over, domestic availability of yarn will also be closely observed and meeting of the Cabinet Committee on Textiles will be conducted again, whenever possible.

However, sources inform that, prior to the meeting, regulatory duty on exports of cotton yarn was already withdrawn, due to strong requests made by the Agriculture Ministry officials.

Officials from the ministry informed that, owing to bumper cotton crop, which is expected this year, there was no need to continue with the regulatory duty on cotton yarn exports.

Hence, with the new cotton crop, which will soon enter the markets, sources informed that, there would be surplus amount of cotton yarn, which the spinners could utilise to produce goods after receiving their required amount of cotton.

Fibre2Fashion News Desk - India


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