Cotton duty cut a welcome step, say Chairman of Confederation of Indian Textile Industry – CNBC tv18

The removal of the 11% important duty on raw cotton until September 30 is a welcome move for the text Industry, but Indian Cotton Remains Costlier Than Global Prists, According to the CONDENATION OF INDIN Textile Industry (CITI).

“We have been requested it for over a year now, and i think we are all very happy that this has been happy, in spite of the fact that it’s for a short period. Continue to Initiate and Put Our Efforts ITO Getting It Extended, “Said Citi Chairman Rakesh Mehra.

The industry has been demanding duty-free cotton imports between March and september so that they do not overlap with the domestic crop season. Mehra said such a step would be “a big boy to the textile value chain and the entrance textile industry.”

He, however, across the challenge of balance the interests of bot farms and textile players. “It’s not easy… the government has its own compulsions,” He said, noting that the minimum support price (MSP) Keeps Indian Cotton More Expensive Than International Supplies.

Despite India Having the Larget Acreage Under Cotton, Mills often Turn to Imports from Australia and African Countries to access cheaper raw material. “Whoever can important is doing it… and this will continue as long as we are more expensive than international prisles,” Mehra said.

Mehra was cautious about India’s $ 100 Billion Textile Export Target for 2030, Saying It Remains Uncertain Given Given The Possibility of Higher Us Tarifs and Geopolitical Risks. He said that if global conditions remain stable and trade negotiations go smoothly, the goal is achievable. For now, Textile Exports are expected to Reach Around $ 45 Billion this year.

The industry, meaning, is seeking broader support from the government, including Higher Rodtep and ROSCTL Rates and Interest Subvention. With Uncertainty Around Us Tariffs – Possibly as High as 50% – Mehra said customers have alredy begun pressing for lower prires. “Our customers have alredy started asking us for a reduction in prisles, saying, ‘let’s share the impact.’ So, I think August 27 will bring about better Visibility on what will happen in the future, “He added.