Cotton Advisory Board has estimated that domestic consumption this year will touch 24.1 million bales while exports are likely to be around 8.5 million bales. Closing stock on the other hand will amount to 4.3 million bales. In such gruesome conditions, a plea has been made to the Government to either remove import duty which is currently pegged at 14 percent or levy a five percent export tax on cotton Experts believe that this regulation should be brought about by government bodies like the Cotton Corporation of India as this will give the industry a clear idea about the actual production and the amount exported.Source: Fibre2fashion.com
Date:6/5/2008
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