India plans to set up a cotton council under the leadership of industry captain Suresh Kotak to holistically look at ways to improve the fibre’s productivity that has declined over the years. The council would have government officials from the departments of agriculture, commerce and textiles along with private sector representatives.
The decision was taken at a meeting between PiyushGoyal, Textile Minister and stakeholders including cotton farmers, spinners and traders wherein issues such as flexibility in the imports of cotton, export incentives and allocating more yarn for the domestic prices, were discussed.
The meeting also discussed about restricting export incentives and also imposing export duty on yarn to curtail yarn and cotton exports. Garment exporters sought for a short-term ban on export of cotton and cotton yarn.
As per another industry representative, a proposal to release 75 per cent cotton yarn in the domestic market was also taken up.