The Union Government has announced the formation of the Cotton Council of India under the Chairmanship of renowned veteran cotton man Suresh Bhai Kotak. The Council will have representation from Textiles, Agriculture, Commerce, and Finance Ministries along with Cotton Corporation of India and Cotton Research Institute. Mr Goyal also appealed to the spinning and trading community to ensure a hassle-free supply of cotton and yarn first to the domestic industry.
The government is committed to protecting the interests of cotton farmers, spinners, and weavers, the Minister assured to actively consider the demand of the spinning sector for exemption from import duty on those import contracts in which bills of loading are issued up to September 30, 2022, to overcome the current cotton shortage and logistic issues.
About Cotton Council of India (CCI)
The council will discuss, deliberate, and prepare a robust action plan for bringing out a tangible improvement in this field. The announcement came yesterday during a meeting with stakeholders from the cotton value chain, held under the Chairmanship of Union Textiles Minister Piyush Goyal.
Cotton Industry in India
About: Cotton yarn and fabrics export account for about 23% of India’s total textiles and apparel export.
- In 2019-20, India’s cotton production was 36.04 million bales of 170 kgs each.
- During 2019-20, the export of cotton yarn, cotton fabrics, cotton made-ups and handloom products reached US$ US$ 10.01 billion.
- Price Rise: There is a price rise witnessed in the current season due to poor productivity despite a large area under cotton production in the Country.
- Poor Cotton Productivity: Cotton productivity is the biggest challenge in the country, resulting thereby less cotton production despite the largest area under cotton cultivation.