India - Tiruppur Exporters' Association demand govt to stop export of cotton to stabilise rise in prices
Date
1/10/2022 2:11:44 PM
(MENAFN- KNN India)
Tiruppur Exporters' Association demand govt to stop export of cotton to stabilise rise in prices
Tiruppur, 10 Jan (KNN) The Tiruppur Exporters' Association (TEA) has asked the government to ban export of cotton due to the price rise in cotton and cotton yarn.
This urge comes after its recent request for industry to remove 11 per cent import duty on cotton.
The prices in the international market has been lower than that of India, as per last month data.
Raja M Shanmugham President of TEA president said,“The increase in cotton and cotton yarn exports from India is benefitting our competitors. India's share in the export of knitting garments is only 4 per cent, while China has 39 per cent, Vietnam 13 per cent and Bangladesh 14 per cent in the segment. The government should ban export of cotton so domestic industries can compete in international market and India can benefit from value addition. Higher MSP can protect the interest of farmers, if necessary.”
The issue has already been taken up with the government. Representatives of the textile industry have submitted a memorandum to textiles minister Piyush Goyal requesting government's intervention. Subsequently, textiles secretary Upendra Prasad Singh held a virtual meeting and discussed with the industry representatives.
To bring attention to this issue, TEA has called for in Tiruppur on 17th and 18th, 2022.
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