The ceiling on cotton yarn exports is expected to be reopened by the textile and commerce ministries. As per the ministry sources, the policy on the ceiling of cotton yarn exports is likely to be announced within two week’s time.
With reintroduction of the Save Act bill for the second time in the 112th US Congress during current quarter, the government would assume a comprehensive approach to ensure passage of the bill intended at revival of the garment firms in the US and also in the Philippines.
Rise in the price of raw materials like the tusser and silk yarn poses serious threat to the Rs 170-crore handloom industry in Orissa and the livelihood of about one lakh weavers engaged in the sector.
High advices from the cotton futures market in New York (ICE) over the past several sessions, dwindling stocks at home and the continuing imbroglio in the Indian cotton export policies and procedures have put firmness to domestic fibre prices over the past of couple of weeks.