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'Don't allow cotton exports beyond 55 lakh bales'
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SME Times News Bureau | 23 Nov, 2010
Amidst rising cotton prices, the Confederation of Indian Textile Industry (CITI) Monday urged the government not to allow shipments of the natural fibre beyond the current ceiling of 55 lakh bales, in a bid to cool down its prices in the domestic market.
Cotton exports during the year should be restricted to the quantity of 5.5 million bales already announced by government, CITI said in a press release.
The cotton season runs from October through September. The government had allowed export of 55 lakh bales (170 kg each) of cotton for the current season without duty.
CITI also rcommended that if registered export contracts remain unshipped within the stipulated last date of 15th December 2010, these should not be allowed for exports or fresh registration at least for the next two months till the time cotton arrivals would pick up in the domestic market.
Cotton prices are rising both in the international and domestic markets due to droughts and floods wiping out a lot of the cotton harvest in China and Pakistan. According to industry experts, prices of natural fibre are ruling at about Rs 44,000 compared to Rs 23,000 in the same period last year.
CITI said that the country has cotton availability at present and efforts should be made to increase the production capacity for yarn and fabrics to consume entire cotton. There are projections of a record production of cotton at 325 lakh bales in 2010-11 against the estimated demand of 266 lakh bales.
Besides, the industry has requested the Commerce Ministry to provide sufficient export incentives to the value-added segments, until the overseas markets are able to absorb the higher cost of such items.
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