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Union Minister Piyush Goyal has held a meeting with stakeholders in the cotton quality chain to discuss the unprecedented rise in cotton and yarn prices this season, the textile ministry said on Wednesday.
Gayal called on stakeholders to work together to tackle the problem of inflation without pressuring the government to intervene, which the minister warned would have a long-term impact on the cotton price chain, the ministry said in a statement.
During a meeting with the stakeholders of the cotton price chain on Tuesday, the textile minister “sent a clear and emphatic message to all stakeholders to solve the problem of cotton and yarn prices without compromising the government and with a spirit of cooperation rather than competition and profiteering. Intervene because it could have a long-term effect on the cotton quality chain, ”it says.
The meeting discussed various views and suggestions for easing the prices of cotton and yarn on an urgent basis in the face of unprecedented price hikes in the current season, the textile ministry said.
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It was mentioned that cotton productivity is the biggest challenge in the country, which results in low cotton production despite having the largest area under cotton cultivation.
Speaking at the meeting, Goyal said the Center would “actively consider” the spinning sector’s demand for exemption from import duties in the import agreement to be issued by September 30, 2022.
The Minister called upon the spinning and trading community to ensure hassle-free supply of cotton and yarn to the domestic industry first and to remove only surplus cotton and yarn for export.
He warned that exports should not be made at the expense of the country’s largest job-creating domestic industry.
The Minister stressed on the need to provide quality seeds to increase the productivity of cotton farmers.
He emphasized the need for hand-holding of cotton growers and extended all possible assistance to the stakeholders engaged in backward and forward integration.
Goyal also announced the formation of Cotton Council of India under the chairmanship of Suresh Bhai Kotak.
The Council will be represented by Textiles, Agriculture, Commerce, Finance, Trade and Industry, Cotton Corporation of India and Cotton Research Institute.
The first meeting of the proposed council will be held on May 28 to discuss, plan and prepare a strong action plan for a real improvement in the cotton sector.
Noting that the government is committed to safeguarding the interests of cotton growers, spinners and weavers, the minister assured that the spinning sector would actively consider the demand that up to 30 bills of lading be issued in all import contracts to exempt them from import duty. September 2022 to overcome current cotton shortage and logistics problems.
The mainly cotton-based textile industry is facing a protracted recession on the cotton front as the price of cotton rose from Rs 44,500 per candy in February 2021 to Rs 90,000 per candy when 11 per cent import duty was imposed on cotton. March 2022.
The sharp rise in cotton prices and its impact on yarn and fabric prices is severely affecting the potential growth of the cotton textile value chain.