Government to lift ban on cotton exports
Sunday March 11, 2012 07:23:53 PM,
IANS
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New Delhi: The
government Sunday decided to lift the ban on cotton exports
following wide-spread opposition to the move.
Commerce and Industry Minister Anand Sharma announced the decision
to allow overseas sales. India is the world's second largest
producer of cotton.
"Keeping in view the interests of farmers, traders and
industrialists, a balanced view had been taken to roll back the
ban on cotton exports," said Sharma.
The government had banned exports of the fibre on March 5 fearing
a fall in availability in view of rising consumption at home.
According to the ministry, higher exports than anticipated in
cotton season 2010-11 reduced the expected carryover of stock for
the current cotton season 2011-12, from 48.30 lakh bales estimated
by the Cotton Advisory Board to about 33 lakh bales.
At the same time production this season was virtually the same as
last year's, and total supply marginally lower.
"Availability has reduced to less than the production levels of
2009-10, and also reduced the carry forward figure below the
advisable inventory level," the ministry said in a statement.
"Almost 94 lakh bales have already been shipped out, against an
estimated export surplus of 84 lakh bales," it added.
The ban had evoked criticism not only from the farmer and trader
community but also from the Chinese cotton industry.
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