Domestic cotton price has been reduced from its peak of ₹1,03,000 in May 2022 to ₹86,400 per candy now, as per the Textiles Ministry.
“Yarn prices, which were ruling in the range of ₹400-440 per kg, in the month of April and May 2022, have also been reduced by ₹35-40 per kg in the month of July 2022,” a released issued by the Textile Ministry based on the Parliament reply stated.
Minister of State for Textiles, Darshana Jardosh, in a written reply in the Lok Sabha on Wednesday, said that cotton and cotton yarn prices are dependent on market forces of demand and supply, and higher international prices.
“Ministry of Textiles is constantly engaged with various stakeholders across the entire cotton value chain in respect of the prices of cotton and cotton yarn to harmonise their interests,” the release added.
The Finance Ministry had exempted customs duty on raw cotton imports in April 2022 responding to spiralling domestic prices. The exemption, which was valid till September 30, has now been extended till October 31.