Govt rules out ban on cotton exports
Ruling out any proposal to ban cotton exports, Union minister of state for textiles EVKS Elangovan on Monday said measures taken by the government have yielded results and cotton prices have started decreasing.
By Agencies |
COIMBATORE: Ruling out any proposal to ban cotton exports, Union minister of state for textiles EVKS Elangovan on Monday said measures taken by the government have yielded results and cotton prices have started decreasing.
Replying to a question on regulating or banning cotton exports, considering the demand from textile industry over soaring cotton prices, Mr Elangovan told reporters here that abolition of customs duty on import of cotton last week has helped in the decline of cotton prices.
In another week the prices would further come down, the minister, said.
When repeatedly asked on banning cotton exports, he said the government has to consider the growers also. Farmers were the beneficiaries of the increased prices. The online trading alone was not the reason for soaring prices, since this type of trading was being carried out in many other commodities, he said. To a question on banning exports of waste cotton, he said the ministry was considering the issue and a decision would be taken in consultation with the finance ministry.
Replying to a question on regulating or banning cotton exports, considering the demand from textile industry over soaring cotton prices, Mr Elangovan told reporters here that abolition of customs duty on import of cotton last week has helped in the decline of cotton prices.
In another week the prices would further come down, the minister, said.
When repeatedly asked on banning cotton exports, he said the government has to consider the growers also. Farmers were the beneficiaries of the increased prices. The online trading alone was not the reason for soaring prices, since this type of trading was being carried out in many other commodities, he said. To a question on banning exports of waste cotton, he said the ministry was considering the issue and a decision would be taken in consultation with the finance ministry.
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