The government's move to ban cotton exports is for bringing down its prices and assure the crop's availability in the domestic market, report media, quoting Textiles Minister Dayanidhi Maran on Thursday at Coimbatore.
He reportedly said that the situation would be reviewed once cotton arrivals picked up in the new season from October. Many spinning mills in Pakistan were closed due to shortage of cotton, with its cascading effect on weaving and knitwear.
Maran said India exported 78 lakh bales of cotton this year adding that farmers got a good price above the government fixed MSP. However, the spinning sector did not have adequate capacity to absorb all the available crop. The sector required to add more spindles to utilize the cotton available indigenously.
He met and discussed with representatives of the textile industry, including those of the Confederation of Indian Textile Industry, the Southern India Mills Association, the Apparel Export Promotion Council, the Tamil Nadu Spinning Mills Association and the Tirupur Exporters' Association on bringing down the prices of cotton yarn.