ministry: Cotton imports: Textiles ministry needs extra aid

The textiles ministry has requested the income division to take away responsibility on cotton imports that attain Indian shores by September 30.

However the “ministry has not prompt any ban or restrictions on the export of cotton as of now”, mentioned an official.

One other official mentioned the commerce and trade ministry has additionally not obtained any request on export curbs.

Cotton costs have crossed ₹1 lakh per sweet from ₹55,000 two quarters in the past, pushing up enter prices for textile and garment producers.

The federal government has already performed away with 11% import responsibility on cotton until Sept 30, however one other flexibility for imports is being thought of, as per which inbound cargo can be permitted duty-free if the invoice of lading is issued as much as Sept 30 this 12 months and never primarily based on the invoice of entry at Indian ports.

Different points that additionally got here up at a gathering that textiles and commerce and trade minister Piyush Goyal had with the textile trade on Tuesday have been flexibility in import of cotton, export incentives and allocation of extra yarn for the home market.
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