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2011-06-02

GOM meet on Cotton Exports

The group of ministers is expected to meet and sort out the differences among various Ministries as they have come out with different estimates on the production.

GOM meet on Cotton Exports

The group comprising Finance Minister Pranab Mukherjee, Union Agriculture Minister Sharad Pawar, Commerce and Industry Minister Anand Sharma and Union Textiles Minister Dayanidhi Maran is likely to meet today  to take a decision on the issue of increasing the limit of cotton exports from the current 5.5 million bales for the current season.

The group of ministers is expected to meet and sort out the differences among various Ministries as they have come out with different estimates on the production.

While cotton output has been pegged at 33.9 million bales for the current season by the Agriculture Ministry, the Textiles Ministry has forecast a production of 31.2 million bales. Earlier, the government had allowed export of only 5.5 million bales of cotton in 2010-11 and the limit has been exhausted by the exporters.

The ceiling on cotton exports was imposed in October last in the wake of a sharp rise in prices of the commodity hitting the domestic textiles industry. The apparel units had even resorted to partial closures as raw material prices went up.

However, the situation has taken almost a U-turn since March-end and prices of the natural fibre have shown a drastic fall.

 

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