The Apparel Export Promotion Council has welcomed the Central government’s speedy response to the request to reduce cotton prices.
Cotton yarn prices have consistently increased in the last four months. High prices of cotton yarn and unpredictability in its availability were affecting the entire value chain and having an adverse cascading effect on garment exports.
“We wholeheartedly thank Textiles Minister Smriti Zubin Irani for her help in getting Cotton Corporation of India (CCI) to reduce cotton prices,” said a statement quoting A Sakthivel, Chairman, AEPC.
Irani met the industry representatives on March 18, 2021, to discuss the issue of yarn price increase. Today, CCI has come out with an announcement that cotton price has been reduced by around ₹1,500 per candy, he said.
Sakthivel said the Textiles Minister was extending continuous support by taking several initiatives to protect and revive the apparel exporting industry since the outbreak of the coronavirus pandemic.
The move on cotton prices is significant as it will help reduce the burden on garment exporters across the country, he said.