The Government has decided to allow export of 5.5 million bales of cotton from first of October without duties. The decision in this regard has been taken at a -level meeting in New Delhi late on Friday. Talking to reporters today, Commerce Secretary Rahul Khullar said it had also been decided not to impose export duties at the rate of Rs 2,500 per tonne on cotton exports. He said according to initial estimates by the Agricultural Ministry, the cotton production in the country is projected to be around 33.5 million bales for 2010-11. The Ministries of Agriculture, Textiles, Commerce and the Directorate of Foreign Trade will review the situation on November 15 by when the actual position of the cotton production will be clear, he added. He said the on-line registration with the Textiles Commissioner for exports will start from 15th of this month. AIR correspondent reports that the move is expected to bring a parity between domestic and international prices of cotton besides balancing the interests of cotton growers, traders and the industry. The Government had earlier restricted cotton exports in view of certain dislocations due to shortfall in its production in the country.
News On AIR | September 4, 2010 12:12 PM
No export duty on 5.5 million bales cotton