Friday, December 9, 2022
For any kind of suggestion or query feel free to mail us at hello@globaldaily.in   Your online source for any kind of news   Welcome to Global Daily

India traders should fulfill local cotton, yarn demand before exports: Piyush Goyal – Times of India

MUMBAI: Indian traders and spinning mills should first meet demand from the local textile industry and only then export surplus raw cotton and yarn, Textile Minister Piyush Goyal told industry officials in a meeting.
The minister’s comments came after textile mills in the southern state of Tamil Nadu, a leading exporter of garments, went on a two-day strike earlier this week demanding a ban on exports.
US cotton futures prices jumped to an 11-year high earlier this month, and Indian cotton and yarn prices soon followed.
“The spinning and trading community (should) ensure hassle free supply of cotton and yarn first to the domestic industry and only surplus cotton and yarn should be diverted for exports,” Goyal said.
Exports should not be at the cost of domestic textile industry, the largest employment generator in the country, he said.
India is the world’s largest producer of cotton, with Bangaldesh, Vietnam and China its biggest buyers.
Goyal asked all stakeholders to resolve cotton and yarn price issues through collaboration rather than competition, without pushing the government to intervene as it may have long term impact on the cotton value chain.
The government has decided to form the Cotton Council of India with representatives from textile, finance, agriculture and commerce ministry. The council will hold its first meeting on May 28.
India banned wheat exports on Saturday days after saying it was targeting record shipments this year, as a scorching heat wave curtailed output and domestic prices hit a record high.

Source

Hits: 0

Leave a Reply

Your email address will not be published. Required fields are marked *

8 + 2 =

Related Posts

Recent Posts

Supreme Court slams UPSC, gives it 7 days to form panel on Nagaland DGP | India News – Times of India
Supreme Court slams UPSC, gives it 7 days to form panel on Nagaland DGP | India News - Times of India
SC bats for law tweak to give tribal women property rights | India News – Times of India
SC bats for law tweak to give tribal women property rights | India News - Times of India
PM Modi seeks states’ help to organise G20 events | India News – Times of India
PM Modi seeks states’ help to organise G20 events | India News - Times of India
Developers’ claims for delayed highway projects top Rs 1 lakh crore – Times of India
Developers’ claims for delayed highway projects top Rs 1 lakh crore - Times of India
GSK Pharma bets on growing adult vaccine market | India News – Times of India
GSK Pharma bets on growing adult vaccine market | India News - Times of India
Horoscope Today: Astrological prediction for December 10, 2022
Horoscope Today: Astrological prediction for December 10, 2022
Govt seeks Parliament nod for Rs 3.3 lakh crore fresh cash spend – Times of India
Govt seeks Parliament nod for Rs 3.3 lakh crore fresh cash spend - Times of India
How Assam CM Himanta Enjoyed Traditional Pomelo Salad in a Paddy Field on a Cold Winter Noon | WATCH
How Assam CM Himanta Enjoyed Traditional Pomelo Salad in a Paddy Field on a Cold Winter Noon | WATCH
Divestment on track with dividends: Dipam secretary – Times of India
Divestment on track with dividends: Dipam secretary - Times of India
Scorpio Horoscope Today, December 10, 2022: Special family time
Scorpio Horoscope Today, December 10, 2022: Special family time

Archives

Categories

Tags

PHP Code Snippets Powered By : XYZScripts.com