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Government restores export incentives for cotton yarn.


Date: 24-01-2014
Subject: Government restores export incentives for cotton yarn
MUMBAI: India, the world's second-biggest raw cotton export, has restored an incentive scheme for cotton yarn exports, an official order said on Thursday.

The Directorate General of Foreign Trade (DGFT), a unit of the trade ministry, gave no reason for restoring export benefits for yarn, a value-added product used by textile mills.

Incentives for raw cotton and yarn exports were withdrawn in September.

"Those who will export more than last year will be eligible for a 2 percent incremental export benefit," said D. K. Nair, secretary general of the Confederation of Indian Textile Industry.

Nair said yarn exports could rise 10 percent in 2013/14 due to increased demand from China as it plans to end a raw cotton stockpiling programme to support domestic growers.

Traders forecast India will ship 8-9 million bales of raw cotton in the crop year to September, down from 10.1 million bales in 2012/13. One bale equals 170 kg.

Source : economictimes.indiatimes.com

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