Business Daily from THE HINDU group of publications
Thursday, Jul 17, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Thursday, Jul 17, 2008 ePaper | Mobile/PDA Version | Audio |
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Industry & Economy
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Textiles States - Tamil Nadu SIMA seeks ban on cotton export R.Y. Narayanan Coimbatore, July 16 The Southern India Mills Association (SIMA), Coimbatore, has reiterated its demand to the Central Government to immediately ban export of cotton to cool down the prices till the next crop arrives at the market. While it welcomed the recent announcements regarding abolition of 10 per cent import duty and 4 per cent special CVD on cotton, it felt that these had only given a marginal relief. Mr J.Thulasidharan, Deputy Chairman, SIMA, said the relief measures announced by the Centre had brought down the price of cotton by Rs 500-750 a candy but even then the domestic cotton was costlier than imported cotton. The price of Indian cotton has zoomed from Rs 19,000 to Rs 30,000 a candy of 355 kg. He blamed the export of cotton for the increase in price by over 58 per cent. More than 100 lakh bales have been exported against the estimate of 65 lakh bales by Cotton Advisory Board (CAB), depleting the cotton stock-to-use ratio. While conceding that the price of yarn has gone up by 17 per cent during the current cotton season, he pointed out that cotton prices have gone up by 39 per cent. Even in absolute terms, the clean cotton price has gone up by Rs 23 a kg whereas the yarn price has gone up by only Rs 19 a kg. He requested the Government to consider the demands of the textile industry for suspending the export of cotton till December 31 by which time the new crop would arrive and the situation could be reviewed, channelising all future cotton exports through CCI and other state federations, levy of 5 per cent duty on cotton exports and ensuring 40 per cent stock-to-use ratio. Cotton export ceiling may hurt farmers Is ban on cotton export justified? Raw cotton export boom cheers growers SIMA for linking fuel subsidy with actual cost SIMA wants swift action on power front SIMA shelves plan to set up textile park in AP More Stories on : Textiles | Cotton | Exports & Imports | Tamil Nadu
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