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Cotton imports: Textiles ministry wants more relief.


Date: 19-05-2022
Subject: Cotton imports: Textiles ministry wants more relief
The textiles ministry has asked the revenue department to remove duty on cotton imports that reach Indian shores by September 30.

But the "ministry has not suggested any ban or restrictions on the export of cotton as of now", said an official.

Another official said the commerce and industry ministry has also not received any request on export curbs.

Cotton prices have crossed ₹1 lakh per candy from ₹55,000 two quarters ago, pushing up input costs for textile and garment manufacturers.

The government has already done away with 11% import duty on cotton till Sept 30, but another flexibility for imports is being considered, as per which inbound shipment will be permitted duty-free if the bill of lading is issued up to Sept 30 this year and not based on the bill of entry at Indian ports.

Other issues that also came up at a meeting that textiles and commerce and industry minister Piyush Goyal had with the textile industry on Tuesday were flexibility in import of cotton, export incentives and allocation of more yarn for the domestic market.

Source Name:-Economic Times

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