NEW DELHI: The government has decided to allow fresh exports of cotton without imposing any quantitative restriction following a revision in cotton production and consumption estimates furnished by the the cotton advisory board.
""The government will allow fresh exports of cotton without any quantitative restrictons. The cotton export situation will be reviewed every two weeks,"" commerce and textiles minister Anand Sharma said on Monday.
The decision was taken after finance minister Pranab Mukherjee, agriculture minister Sharad Pawar and Sharma reviewed the cotton situation in the country based on fresh data supplied by the cotton advisory board. The CAB revised upwards the cotton production data for the current cotton year ending September 30 and reduced estimates for domestic consumption creating space for more exports.
The registration for cotton exports will begin in a couple of days, the minister said.
The commerce ministry had banned cotton exports on March 5, as it feared a shortfall in domestic cotton supplies following massive registrations for exports in the previous two months. It was forced to lift the ban on March 12 allowing exports of pending contracts after strong objection from agriculture minister Sharad Pawar and cotton-growing states of Gujarat and Maharashtra.
India exported 9.4 million bales of cotton in the first five months of the cotton year, bringing down availability for domestic consumption for the entire season to 23.3 million bales against 26.8 million bales consumed last year.
The government subsequently allowed exports of about 2 million bales of cotton that had been registered before the March 5 ban, but had not allowed fresh registration.
(Source- http://economictimes.indiatimes.com)
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