NEW DELHI, May 18: Union Minister of Commerce and Industry Piyush Goyal has announced formation of Cotton Council of India under chairmanship of Suresh Bhai Kotak, a renowned veteran cotton man.
The council will have representation from Ministry of Textiles, Ministry of Agriculture, Ministry of Commerce, Ministry of Finance, Commerce and Industry, Cotton Corporation of India and Cotton Research Institute, an official statement said on Wednesday.
The first meeting of proposed council has been scheduled on May 28, 2022. The council will discuss, deliberate and prepare a robust action plan for bringing out a tangible improvement in this field.
The announcement came during a meeting with stakeholders from cotton value chain, held under the chairmanship of Mr Goyal on Tuesday wherein Minister of State for Textiles Darshna Jardosh, Secretary Textiles and Secretary Agriculture were also present.
In the meeting, a cross-section of views and suggestions were deliberated for softening cotton and yard prices on urgent basis, to address unprecedented price rise witnessed in the current season.
It was pointed out that cotton productivity is the biggest challenge in the country, resulting thereby less cotton production despite largest area under cotton cultivation.
The minister emphasized upon the need for making available better quality of seeds to improve productivity of cotton farmers. Addressing the meeting, Mr Goyal assured all stakeholders to resolve cotton and yarn price issue, in the spirit of collaboration rather than competition and super profiteering, without pushing Government to intervene as it may have long term impact on cotton value chain.
The Minister also assured to actively consider the demand of the spinning sector for exemption from import duty on those import contracts in which bills of lading is issued upto 30th September 2022 to overcome current cotton shortage and logistic issues.
Mr Goyal also appealed to the spinning and trading community to ensure hassle free supply of cotton and yarn first to the domestic industry and only surplus cotton and yarn should be diverted for exports. (UNI)
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