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Goyal Meets Cotton Value Chain Stakeholders; Announces Formation Of CCI

Goyal also appealed to the spinning and trading community to ensure a hassle-free supply of cotton and yarn first to the domestic industry and only surplus cotton and yarn should be diverted for exports

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After a meeting with stakeholders from the cotton value chain, Union Minister Piyush Goyal has announced the formation of the Cotton Council of India and the first meeting has been scheduled for 28 May 2022. 

According to the Ministry of Textiles, the council will discuss and prepare a robust action plan for bringing out a tangible improvement in this field.

Addressing the meeting, Goyal asked stakeholders to resolve the cotton and yarn price issue, in the spirit of collaboration rather than competition and super profiteering, without pushing the government to intervene as it may have a long term impact on the cotton value chain.

He also emphasised the need of holding the hands of cotton farmers who are the weakest part of the cotton value chain, besides extending all possible support to stakeholders engaged in the backward and forward integration throughout box thinking of this critical juncture.  

The minister assured to actively consider the demand of the spinning sector for exemption from import duty on those import contracts in which bills of lading are issued up to 30 September 2022 to overcome the current cotton shortage and logistic issues.

Goyal also appealed to the spinning and trading community to ensure a hassle-free supply of cotton and yarn first to the domestic industry and only surplus cotton and yarn should be diverted for exports. 

He cautioned that export should not be at the cost of domestic industry which is the largest generator of employment in the country.