Import duty waiver on cotton: Piyush Goyal tells authorities concerned to finalise matter early
The Hindu
The Minister for Textiles and Commerce & Industry held an interactive meeting with the newly constituted Textile Advisory Group in Mumbai
Amid unprecedented rise in cotton and yarn prices in the current season, Union Minister Piyush Goyal has directed the authorities concerned to "finalise the matter early", as regards to the extension of import duty waiver on cotton till December 31.
The government last month exempted all customs duty on import of cotton till September 30, to lower the price of cotton in public interest. The Minister for Textiles and Commerce & Industry held an interactive meeting with the newly constituted Textile Advisory Group in Mumbai on Saturday to address issues relating to augmenting present supplies of cotton and also strengthening productivity.
To meet the present requirement, the Minister called for facilitating import from destinations where stocks are available and resolving procedural requirements.
"While addressing the approaches for augmentation in short-term by import, Textiles Secretary Upendra Prasad Singh advised industry to approach the Ministry of Agriculture & Farmers' Welfare for procedural requirements to enable import from some destinations," an official statement said.
"As regards extension of the period of waiver of import duty up to December 31, 2022, Mr. Goyal directed the authorities concerned to finalise the matter early," it added.
Chairman of the Textile Advisory Group Suresh Kotak stressed the need to ensure seed availability for sowing especially new early maturing varieties and the need to revamp the seed system to enhance productivity of Indian cotton from present stagnation.
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