Textile industry should use local cotton nudge govt, given that India is the largest producer
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9th August 2021, Mumbai:
Minister of state for finance Pankaj Chaudhary told recently on the floor of the parliament that a 5% basic customs duty and a 5% agriculture infrastructure and development cess was imposed on raw cotton in FY22 budget to benefit domestic cotton farmers.
Minister also asserted that 'The cotton Association of India (CAI)' has sought withdrawal of the 10% duty levied on imports saying the commodity has become unaffordable and it is badly hurting the interest of domestic textile industry. He unequivocally advocated that farmers are hurt by a spike in imports despite on the back of the fact that there is excess availability of local cotton which T&A trade should look at tapping into.
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Minister lamented that,"All varieties of cotton, including even the varieties which were produced in India are being imported in large quantities which state is quite concerned about"
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