20 October 2017

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Good News for Cotton Exporters as Govt Eases Norms

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The gvernment of India is all set to make the cotton export a hassle free procedure for the entrepreneurs. is all set to make the cotton export a hassle free procedure for the entrepreneurs. The government has also removed the export duty of '2,500 a tonne on raw cotton which it had imposed on April 9. On the back of steep rise in the prices of cotton and ballooning exports, the registration of cotton export was stopped from April 19 and only those under licence were allowed.

"Export duty on cotton has been removed and export will be allowed under the Open General Licence,” said Commerce Secretary Rahul Khullar. The textiles commissioner’s office has started registering export contracts from September 1 2010.

The Indian textile industry is valued at US$ 36 bn with exports totalling US$ 17 bn way back in 2005-2006. At the global level, India’s textile exports account for just 4.72% of global textile and clothing exports. The export basket includes a wide range of items including cotton yarn and fabrics, man-made yarn and fabrics, wool and silk fabrics, made-ups and a variety of garments. Quota constraints and shortcomings in producing value-added fabrics and garments and the absence of contemporary design facilities are some of the challenges that have impacted textile exports from India.

 

 

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