India: Exporters want cotton under OGL

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COIMBATORE, AUG. 31:

Tirupur Exporters Association (TEA) has appealed to the Government to permit export of cotton under Open General Licence (OGL) from January 2010 for cotton season 2011-12.

The association, citing the Cotton Advisory Board’s estimate of 355 lakh bales of cotton in the 2011-12 season said, “Though CAB has estimated record cotton production, it is in the best interest of textile industry that cotton exports be permitted under OGL from January 2012 to avoid speculation in prices and hoarding.”

TEA President Mr A. Sakthivel said that the entire textile industry was pushed to the wall when cotton prices skyrocketed to record levels in the ongoing year. “No one could predict the price behaviour of cotton. It is therefore necessary to estimate the domestic demand and the stock requirement before arriving at the export quantity and permitting cotton exports,” he added.

Source: http://www.fibre2fashion.com/news/textile-news/newsdetails.aspx?news_id=102634

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