21 April 2022, Mumbai:
The exemption of import duty on cotton till September 30 will boost textile exports to $60 billion in the current fiscal year, says Home Textile Exporters Welfare Association (HEWA).
The exemption will not only benefit the entire textile value chain but also ease demand pressure and stabilize cotton prices, says HEWA.
ALSO READ NITMA hails withdrawal of customs duty on cotton imports
Another benefit of the exemption includes the end of the volatile situation persisting for the last six months, which would help the textile exporters achieve splendid growth in FY23, adds the association.
RELATED NEWS TEXPROCIL, Chairman: Urges government to remove Customs duty on raw cotton
HEWA says the government needs to stop the uncontrolled exports of raw materials to nations such as China and Bangladesh as they are disrupting the current supply-demand cycle.
The rise in cotton prices since October 2021 impacted textile exports in 2022, it adds.
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CREDITS: KNN India report.
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