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Today Date : Monday, April 15, 2024

Textile Minister announces measures to tame cotton crisis

Textile Minister announces measures to tame cotton crisis

At a stake holders consultation meeting conducted by the Ministry of Textiles at Delhi on Tuesday, textile manufacturers and traders expressed views and suggestions on taming the prices and arriving at a long term solution to address such volatility as is presently being witnessed in cotton price and volatility. Minister of Textiles Piyush Goyal who  presided over the  meeting made suggestions and announcements said  Confederation of Indian Textile Industry (CITI) Chairman, T. Rajkumar and The Southern India Mills Association(SIMA) Chairman, Ravisam said.

Mr. Ravisam said  better production and consumption estimation through a better data collection , better risk mitigation methods and extension of duty free import of cotton were some of the solutions suggested. 

The Minister made the following important suggestions/ announcements: Stressing improvement in seed quality and he announced intent to introduce new BT cotton variety soon.  Promote production of ELS cottonForward contracts  with farmers for cotton would be encouraged by user industry so that they have assurance based increase in cotton acreage and production. He announced formation of a cotton advisory board with representation from MoT, agriculture, agricultural research, commerce, finance along with industry representatives.  The board, under the stewardship of Mr Suresh Kotak will ensure better coordination between cotton stakeholders. The first meeting was proposed for 28th of this month in Mumbai.

The Minister also announced acceptance of industry request for allowing bill of lading till 30th September 2022, so that cotton availability eases. A formal announcement is awaited. He  requested industry to co-operate with each other to tide over the present crisis and ensure cotton supply for downstream domestic industry.