Tuesday, January 18, 2011
India Textile Ministry seeks revision in cotton export procedures
NEW DELHI (Commodity Online) : With traders having little experience in cotton exports carrying out the same, the textiles ministry of India has asked the commerce ministry to revise the procedures in this regard.
Recently, Textiles Secretary Rita Menon wrote a letter to Commerce Ministry Secretary Rahul Khullar seeking procedural revision.
Up to December 15, the power for determining the quota for exports was vested with the textile ministry which has now been taken away and deposited with the commerce ministry.
Currently, the export cap has been pegged at 5.5 million bales of cotton of which 3.8 million has been exported till December 15.
Now a cotton candy or 356 kg of cotton costs Rs 44,000 in the export market compared with Rs 33,000, the previous year.
This post was written by: HaMienHoang (admin)
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