Decision on cotton exports on April 3: Khullar

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SME Times News Bureau | 30 Mar, 2012
A Group of Ministers (GoM) is likely to meet next week to discuss whether to allow additional cotton exports in the 2011-12 marketing year ending September.

“The GOM is meeting is likely on April three to find out solutions,” Commerce Secretary Rahul Khullar told reporters in New Delhi on Thursday.

The government had recently lifted the ban on cotton exports on March 12, which was imposed on March 5, on evidence of hoarding in warehouses abroad and shortage in the domestic market, followed by intense pressure from political parties.

The GoM, headed by Finance Minister Pranab Mukherjee, would review the supply-demand situation and consider whether to allow fresh registration of export contracts or not.

India is estimated to have produced a record 34.08 million bales in 2011-12 crop year (July-June).

Before the ban was imposed, the Commerce Ministry had issued registration certificates (RCs) for about 13 million bales (of 170 kg each) and out of that 9.5 million bales were exported.

The Commerce Ministry is scrutinizing the RCs for about 3.5 million bales that were issued before the ban, but actual shipments had not taken place.

The scrutiny process of RCs related to cotton exports to neighbouring countries via land route have been completed.