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CITI urges government to restore benefits for cotton yarn exports
YarnsandFibers News Bureau 2013-10-03 03:55:00 – Mumbai.jpg)
In a sharp reaction to a recent government notification of 25 September issued by Directorate general of Foreign Trade (DGFT) withdrawing benefits on certain products including cotton yarn, Confederation of Indian Textile Industry (CITI), Chairman Prem Malik, observed that there is no export restriction or export duty on cotton yarn.CITI has requested government to restore export benefits under focus market scheme and incremental export incentivisation scheme on cotton yarn. Malik added that, "There is only a requirement of registration of export contracts with the DGFT which is only for the purpose of data collection on exports. Thus, withdrawing the export incentives on the ground that there is restriction on export is incorrect in this case".
Cotton yarn is an industrial product and its production has been increasing substantially in the country. Since the domestic demand has not kept pace with the increasing production, there has been a decline in cotton yarn prices in the domestic market in recent weeks. Malik stressed that India is the most competitive yarn maker in the world and therefore there are increasing export opportunities opening up for cotton yarn.
Malik also observed that textile products, including cotton yarn, have increasing demand in the overseas markets and it will be logical to encourage export of cotton yarn from the point of view of bridging the capital account deficit, along with generation of employment opportunities.
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