Moneycontrol

Budget 2023Budget 2023

PARTNERS

  • Tata AIA Life Insurance
  • Hafele
  • Motilal Oswal
  • SMC Global Securities Limited
Live: LIVE: Bajar Gupshup
Budget 2023
Budget 2023
you are here: HomeNewsBusiness

Allow 40 lakh bales duty free import of cotton, seeks PM Modi's intervention: SIMA

The country has been so far producing surplus cotton and exporting to different countries, including Bangladesh.

February 28, 2022 / 07:32 PM IST

With anticipated shortage of cotton in India, Southern India Mills Association (SIMA) on Monday requested the Centre to allow 40 lakh bales duty free import of medium-level staple cotton to avoid job losses and appealed to Prime Minister Narendra Modi for his intervention in cotton policies.

The country has been so far producing surplus cotton and exporting to different countries, including Bangladesh.

During the current season, owing to substantial increase in demand and export of around 50 lakh bales, the country is likely to face 30 to 40 lakh bales cotton shortage, SIMA Chairman Ravi Sam told reporters.

The unprecedented increase in domestic cotton price from the level of Rs 135 per kg (Feb 2021) to Rs 219 per kg (Feb 2022) in one year, an increase of around 65 per cent is greatly affecting the exporters to meet their export commitments.