Market Analysis: Industrial Cluster India Considers Extending The Period Of Duty-Free Import Cotton
India's minister of Commerce, industry and textiles said government intervention in the market should not be promoted because of the potential long-term impact on the cotton value chain, which means that the government may not support a ban on cotton yarn exports or any other relevant measures.
Indian Minister of Commerce, industry and textile Goyal assured textile manufacturers that the Indian government would actively consider the requirement of exemption from import duties for cotton contracts with bills of lading issued by the textile industry before September 30, 2022.
According to a media release released by the Ministry of textile on Wednesday, in a discussion with industry stakeholders on how to manage soaring cotton and yarn prices on Tuesday, the minister called on cotton and yarn producers to use only the remaining stocks for export after ensuring the smooth supply of domestic industries. India's cotton and cotton yarn exports should not be at the expense of domestic industry.
The minister announced the establishment of the Indian Cotton Council, which includes the Ministry of textiles, the Ministry of agriculture, the Ministry of Commerce, the Ministry of industry and finance, as well as the Indian cotton company and Cotton Research Institute. The first meeting is scheduled for 28 May. The minister made it clear that the price of cotton and yarn should be resolved in the spirit of cooperation rather than competition and super profiteering, without the need for government intervention.
In response to industry concerns about the end date of the import duty-free period, Goyal said the government would not only consider granting tariff exemption for cotton arriving in India on September 30, 2022, but also for cotton loaded at the country of origin on that date. Last week, India's textile Ministry and the Ministry of Finance discussed extending the bill of lading deadline for duty-free goods to 30 September, because it will take time for cotton to arrive in India, especially in view of container shortage and port handling problems.
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