As cotton shortages persist, the South Indian Mills Association (SIMA) on Tuesday urged the central government to impose an 11 per cent duty on cotton from April to October to ensure raw material security, avoid large-scale production shutdown and shortfall in exports. requested for exemption.
In a statement, SIMA said cotton textile exports have declined by over 23 per cent compared to the previous year and advocated that cotton be made available to the manufacturing sector at an internationally competitive price.
The Center had imposed an 11 per cent import duty on cotton in 2021-22 to protect the livelihood of Indian cotton farmers, due to which the price of domestic cotton had increased due to the import parity pricing policy adopted by the trade. Though the area under cotton has increased from 124 lakh hectare to 130 lakh hectare, the cotton crop in the current season is expected to be around 320 lakh bales.
SIMA president Ravi Sam said that the price of cotton has fallen by more than 25 per cent compared to last year and more than 40 per cent cotton is yet to come in the market. Stating that farmers and traders are apprehensive of a price hike, leading to a persistent shortage of cotton, Sam said the Center should provide duty exemption for cotton.
"It will take three to four months for the imported cotton to reach the mill premises and hence it is necessary to remove the import duty immediately so that mills can enter into import contracts," he said. He also said that India's cotton yarn exports declined to 485 million kg during April 2022 to January 2023, as against 1185 million kg during the same period last year.
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