1. US rules out bailout for Silicon Valley Bank, auctions reportedly underway 2. Apple CEO Tim Cook backs AR/VR headset, likely to launch this year 3. Infosys’ Mohit Joshi joins Tech Mahindra as MD and CEO

Central govt might ban cotton exports to cool down market prices

cotton exports-thefreemedia
Spread the love

Nagpur – Cotton exports are likely to get banned if the government fails to tie up other threads to cool down high cotton prices. The report was made public by the government officials on Tuesday, when the central government notified industry players of the need for immediate action.

During the meeting, which was convened by Union minister Piyush Goyal, Minister discussed a blanket ban on exports until September. The pressure is on the cloud as the government has to continuously intervene in the market amid a jump in cotton prices hitting textile manufacturers across the country.

Speaking of the numbers, Wholesale price index-based inflation for textiles, which right now is in double digits for the past several months, surged up to 12.98% in April, according to the data released earlier in the day.

One of the industry representatives said, “Government has advised cotton exporters to make sure they reduce their exports by 25% compared to last year so that more yarn is available for domestic consumption.”

The Federation of Indian Export Organisations (FEIO) informed the ministry that high costs of production are presenting a challenge to exporters. They suggested that cotton should be brought under the Essential Commodities Act, which will in turn allow the government to control price, production, distribution and supply of commodities.

Claim Free Bets
    NISHA HIRANI

    NISHA HIRANI

    All Posts

    Related Post

    View All

    GST levied on games of skill can be dicey for clans

    July 11th, 2022 | NISHA HIRANI

    Spread the loveThe #GST Council has appointed a Group of Ministers (GoM) to consider the rate and incidence of imposing GS...

    Delhi’s air quality to fluctuate between ̵...

    November 9th, 2021 | THE FREE MEDIA

    Spread the loveAir quality in Delhi-NCR is likely to fluctuate between “severe” and the higher end of the R...

    Less than 1,000 cases recorded in India, first time ...

    April 4th, 2022 | DRISHTI SHARMA

    Spread the loveNagpur: India on Monday recorded less than 1,000 daily Covid-19 cases for the first time in 715 days as per...