Union Minister Piyush Goyal calls for swift decision on extending cotton import duty waiver
Union Minister Piyush Goyal has called for a swift decision on whether or not to extend the temporary waiver on cotton import duty until December 31, 2022 as the industry continues to struggle.
In April this year, the government exempted cotton from all customs duties until September 30, 2022. This was designed to lower the rising price of cotton, which has been adversely affecting textile businesses. Minister Goyal held a virtual meeting with the newly formed Textile Advisory Group to discuss how to further strengthen cotton productivity and address supply issues, the Press Trust of India reported.
The meeting took place on May 28 and Goyal called for putting measures in place to enable cotton to be imported from countries with available stock at present. “While addressing the approaches for augmentation in short-term by import, Textiles Secretary Upendra Prasad Singh advised industry to approach the Ministry of Agriculture and Farmers' Welfare for procedural requirements to enable import from some destinations,” the Ministry’s official statement read. “As regards extension of the period of waiver of import duty up to December 31, 2022, Goyal directed the concerned authorities to finalise the matter early.”
The increasing price of cotton is causing an increase in prices of cotton yarns and textiles which is hampering the growth of India’s textile and apparel manufacturing industries. At the meeting, the Textile Advisory Group’s chairman Suresh Kotak also argued that cotton seeds need to be made available for sowing with a focus on early maturing varieties. Kotak also called for a revamp of the seed system to enhance productivity.
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