New Delhi, Sep 4 (Calcutta Tube) The government will allow cotton exports of up to 55 lakh bales in the current financial year, Commerce Secretary Rahul Khullar said Saturday.
‘The approximate quantity of exportable surplus of cotton was arrived at after detailed discussions with officials from the departments of textiles, agriculture and DGFT (Directorate General of Foreign Trade),’ Khullar told reporters.
Duty free export of surplus cotton will begin from Oct 1. During the financial year 2010-11, total cotton production in the country is estimated to remain 325 lakh bales.
Agriculture Secretary P.K. Basu, Textiles Secretary Rita Menon and Commerce Secretary Rahul Khullar met Sep 1 to decide on the exportable amount of cotton.
The office of the textile commissioner will put in place a system for online registration for export of cotton by Sep 15.
Khullar said the government has taken a decision to allow export of surplus cotton in a bid to protect the interests of farmer and textile industry.
‘Officials from the concerned departments will meet on Nov 15 to review the decision,’ Khullar added.