Resolve cotton price issue, Goyal tells stakeholders
NEW DELHI: Union Minister Piyush Goyal held a meeting with stakeholders from the cotton value chain to discuss the unprecedented price rise witnessed in cotton and yarn prices in the current season, the Textiles Ministry said on Wednesday.
Union minister Piyush Goyal on Wednesday asked stakeholders in the cotton value chain to resolve the price rise issue with collaboration without pushing the government to intervene which, the minister warned, would have a long-term impact on cotton value chain.
The textiles minister “gave a clear and loud message to all stakeholders to resolve cotton and yarn price issue, in the spirit of collaboration rather than competition and super profiteering, without pushing the government to intervene as it may have long-term impact on cotton value chain”, during a meeting with stakeholders from the cotton value chain on Tuesday.
In the meeting, a cross-section of views and suggestions were deliberated for softening cotton and yarn prices on an urgent basis, to address the unprecedented price rise witnessed in the current season, the Textile Ministry stated.
It was pointed out that cotton productivity is the biggest challenge in the country, resulting thereby less cotton production despite the largest area under cotton cultivation, it added.
Addressing the meeting, Goyal said the Centre will “actively consider” the demand of the spinning sector for exemption from import duty on those
import contracts in which bills of lading is issued up to September 30, 2022.
The minister called upon the spinning and trading community to ensure hassle-free supply of cotton and yarn first to the domestic industry and appealed to divert only surplus cotton and yarn for exports.
He cautioned that export should not be at the cost of domestic industry which is the largest generator of employment in the country.
The minister emphasized the need for making available better quality of seeds to improve productivity of cotton farmers.
He stressed the need for handholding of cotton farmers besides extending all possible support to stakeholders engaged in backward and forward integration.
Goyal also announced the formation of Cotton Council of India under the chairmanship of Suresh Bhai Kotak.