Remove duty on cotton imports: Stalin urges Centre
The Hindu
‘Cut minimum lot offered at e-auction’
Chief Minister M.K. Stalin urged Union Textiles Minister Piyush Goyal on Monday to direct the Ministries concerned to remove the 11% import duty on cotton. He pitched for reducing the minimum lot at e-auction.
In a letter, he also sought the extension of 5% interest subvention to spinning mills for cotton procurement during the peak season (December-March). Mr. Stalin said he had received a representation from the apparel manufacturers on cotton and yarn price volatility and its impact on the prices of fabrics and garments. Tamil Nadu accounted for one-third of India’s textile business.
“The crisis has led to mass cancellation of export orders and hardships in the fulfilment of long-term export commitments. If this situation is not reined in, a large number of apparel and home textile units may soon become unviable, resulting in closure and large-scale unemployment and industrial unrest,” he said.
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