Sumary of India’s cotton exports surge despite COVID-19 hurdles in 2020:
- Reuters There is a good reason for Pakistan now-aborted plan to import cotton from India – this country burgeoning cotton exports..
- 7,044 crores in 2020 (April-December), according to a reply to the Rajya Sabha by the Ministry of Textiles on March 25, 2021..
- The commodity plays a significant role in sustaining the livelihood of an estimated 5.8 million cotton farmers and 40-50 million people engaged in related activities such as cotton processing and trade, according to the Ministry of Textiles..
- “Special measures were taken by the Ministry in the COVID crisis to support liquidity flow to the textile industry, including cotton textile sector by introducing an option to release part subsidy against bank guarantee (BG) in facilitating the subsidy release process.”.
- The Minister said that “The average domestic price of cotton is cheaper by around 14 percent during the current cotton season as compared to the international cotton price,”.
- while responding to a question whether Indian cotton exports are uncompetitive viz-a-viz global competitors like China, Vietnam, Bangladesh..
- A new policy is being formulated for the overall promotion and development of the textile sector, the Minister had informed the Lok Sabha earlier in February this year..
- Cotton is the backbone of the Indian textile industry, accounting for 60 percent of the industry raw material consumption basket…