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Ban on exports will bring down cotton prices: Maran
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SME Times News Bureau | 26 Jun, 2010
The government's move to ban cotton exports is to bring down its prices and to prevent its shortage in the domestic market, said Union Textile Minister Dayanidhi Maran.
"Once cotton arrivals start picking up in the new season from October, the situation will be reviewed," Maran told reporter on the sidelines of an event in Coimbatore recently.
Many spinning mills in Pakistan were closed due to shortage of cotton, with its cascading effect on weaving and knitwear, he said. India exported 78 lakh bales of cotton this year, he said, adding that farmers got a good price, above the MSP fixed by the government.
However, the spinning sector did not have adequate capacity to absorb all the available crop. The sector required to add more spindles to utilize the cotton available indigenously, he added.
He met and discussed with representatives of the textile industry, including those of the Confederation of Indian Textile Industry, the Southern India Mills Association, the Apparel Export Promotion Council, the Tamil Nadu Spinning Mills Association and the Tirupur Exporters' Association on bringing down the prices of cotton yarn.
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