Textile Secretary: Cotton Exports ban unlikely to serve any purpose

27 May 2022, Mumbai:

A ban on cotton exports at this time will hardly serve any purpose, textile secretary Upendra Prasad Singh told FE.

Outbound shipments of cotton are unsustainable now that domestic fiber prices have exceeded global levels, he said. “On top of the high domestic prices, logistics costs come for export.

ALSO READ Upendra Singh, Textile Secretary: Sustainable Solutions growth driver for Indian textile industry

So in any case, exports are not happening now, “Singh said on Thursday.

The textile and clothing industry has sought an immediate ban on cotton exports on the assumption that such a move would strengthen domestic supplies and curb the exorbitant rise in fiber prices and its by-products.

Cotton prices have more than doubled over the past year to break the Rs 100,000 mark for a 356kg candy. Singh said, unlike cotton, there is sufficient availability of cotton yarn in the domestic market.

RELEVANT NEWS Textile Secretary UP Singh: Big push of 7 mega parks to attract big (FDI) Foreign Direct Investment

An informal cotton advisory group, led by industry veteran Suresh Kotak, will hold its first meeting on May 29 to discuss how to deal with the current situation and how to draw a long-term strategy to improve cotton output and productivity in the country, among others.

Join our community on Linkedin 

CREDITS: Financial Express 360Solver Trade Today Business Khabar English Times (The news article has not been edited by DFU Publications staff).