Union Textile Minister Smriti Irani called for a third party study of sudden spike in cotton yarn prices which affects the prospects across the value chain of Indian textiles.
At a virtual meeting organised by the Cotton Textiles Export Promotion Council to present the Texprocil Export Awards, the Minister said cotton yarn price was an issue on which the Ministry of Textiles and the office of the Textile Commissioner sought to find solution in partnership with the industry.
The Minister had directed the Textile Commissioners Office to find evidence of cartelisation which hurt the overall interest of the industry. The Texprocil, jointly with the Office of the Textile Commissioner, should take up a third party, statistical study on the sudden spike in cotton yarn prices. The Ministry would support, wherever needed, for the study, she said.
The Minister also said that the Cotton Corporation of India had this year opened over 450 centres to procure cotton and MSP operations during the current year was to the tune of Rs 26,720 crore, benefiting nearly 19 lakh farmers.
There were new product verticals in technical textiles where cotton could play a significant role, especially in medical textiles. The industry and the government could work together and add value through cotton in the Technical Textile Mission of India, she said.