(FE)
Commerce, industry and textiles minister Piyush Goyal has called for greater imports of cotton to tide over a domestic shortage in the short term. The import duty on cotton has been scrapped until December 31.
At a meeting of a textile advisory group in Mumbai on Sunday, the minister also stressed the need for “realistic, accurate statistics across the value chain”, the textile ministry said on Monday. The minister directed that a portal be created for this purpose, with inputs of the Cotton Association of India, ginners, the Confederation of Indian Textile Industry and the Southern India Mills’ Association.
The domestic cotton output is now estimated by the farm ministry to be just about 31.4 million bales, of 170 kg each, in the current marketing year through September, way below its initial projection of 36.2 million bales. Domestic consumption, meanwhile, has been estimated to be about 34 million bales. A more realistic projection in the beginning of the year would have the industry better for any potential shortage, industry executives have said.
