Union Textiles Minister Piyush Goyal held a meeting with officials of the cotton value chain to discuss the unprecedented rise in cotton and yarn prices this season
The Central Government has announced the formation of the Cotton Council of India to reduce the hardships faced by the cotton cultivators and ensure that they get a good price for their crops. Union Textiles Minister Piyush Goyal has announced this. The Cotton Council of India will also address the difficulties being faced by the textile industry. The formation of the Cotton Council of India will not only benefit the textile industry but also the farmers. Farmers will get good price for their crop. Also, they will be able to sell their crop anywhere.
Union Textiles Minister Piyush Goyal held a meeting with officials of the cotton value chain to discuss the unprecedented rise in cotton and yarn prices this season. The Minister stressed the need for availability of better quality seeds to improve the productivity of cotton farmers. He stressed on the need to help the cotton farmers apart from giving all possible assistance to the appointees engaged in backward and forward integration. Commerce and Industry Minister Piyush Goyal met with the stakeholders of the cotton industry and urged them to “redirect only the surplus cotton and yarn for export”. Stating that the government was committed to protect the interests of cotton farmers, weavers and weavers, Minister Goyal assured that the demand for exemption from import duty to the weaving industry would be actively considered. Goyal said that the textile sector should first give cotton to the domestic industry. He urged the community to assist cotton farmers, spinners and workers in a meeting with stakeholders in the cotton value chain. The Minister also constituted the Cotton Council of India under the chairmanship of Suresh Bhai Kotak.
“The council will have members from the Ministries of Textiles, Agriculture, Commerce, Finance, Commerce and Industry, the Cotton Corporation of India and the Cotton Research Institute,” an official release said. Ideas and suggestions for “softening of cotton prices” on “urgent basis” were discussed in the meeting.
Goyal said the government will “proactively evaluate the request of the spinning sector for exemption from import duty on import contracts in which bills of lading are issued by September 30, 2022, to tide over the current cotton crisis and logistical challenges”. .
The government has constituted the Cotton Council of India under the chairmanship of Suresh Bhai Kotak, consisting of representatives from textiles, agriculture, commerce, finance, commerce and industry, the Cotton Corporation of India and the Cotton Research Institute. The first meeting of the proposed council will be held on May 28, in which discussions, deliberations and a strong action plan will be prepared to bring about concrete reforms in the cotton segment.