VJAS welcomes govt decision on cotton export- PTI

VJAS welcomes govt decision on cotton export

PTI | 02:08 PM,Aug 01,2011

http://ibnlive.in.com/generalnewsfeed/news/vjas-welcomes-govt-decision-on-cotton-export/771660.html

Nagpur, Aug 1 (PTI) Vidarbha cotton growers have welcomed government's decision of lifting quantitative restrictions on the export of cotton and permisson of shipments under open general licenses (OGL) for the remaining current crop season. The Union Commerce Secretary Rahul Khullar recently announced that the remaining stock of cotton bales in the current season, between October and next September, will be under free export. Cotton exports for the remaining two months (August and September) have now been put under OGL. "Now, exporters only have to register with the Directorate General of Foreign Trade (DGFT)," Khullar had said. Vidarbha Jan Andolan Samiti (VJAS) president Kishore Tiwari in a press release today welcomed this decision saying it had been a long pending demand of cotton farmers across the country, which has been finally fulfilled. Last October, government had capped cotton exports at 55 lakh bales (170 kg each) to protect the domestic textiles industry in the face of rising raw material prices. Export of additional 10 lakh bales was permitted in June. According to the estimates of the Cotton Advisory Board (CAB), the cotton surplus at the end of the current season would be 52.5 lakh bales on account of lower industry demand.In February, the CAB had estimated it at 27.5 lakh bales. PTI JOE NP