India: Government monitoring cotton prices

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Ahmedabad, Dec 10 (PTI) Commerce Minister Anand Sharma today said the government was closely monitoring movement of cotton prices in India and the Cotton Corporation of India (CCI) would intervene, if need arises. “Globally, the cotton prices had gone up exponentially last year, thereafter the prices have crashed and demand has slumped. The government has made all efforts to ensure that cotton growers, weavers…do not bear the brunt of it,” Sharma told reporters on the sidelines of an event here. “We allowed exports of cotton yarn and cotton exports were freed under open general license to protect interest of farmers. If necessity arises, CCI is prepared to intervene and commence MSP operations,” he said. “The issue of cotton price is not limited to Gujarat alone, we are monitoring the prices in the country,” Sharma said. CCI operates with network of 46 centres in Gujarat. “If the state government thinks that more such centres should be opened for making purchases from farmers on MSP then we shall look at it,” said Sharma, who also holds portfolio of Textile Minister. “Keeping in view all the stakeholders, the government is doing whatever it can for the textile sector,” he said. Sharma said from one institution of the National Institute of Design (NID) and National Institute of Science (NIS), our committment is to increase the number to five each. Prime Minister Manmohan Singh recently laid the foundation for another NID at Jorhat in Assam. According to NID Director Pradyumna Vyas, textile ministry is committed to start four new NID’s in the 12th Five Year Plan at Jorhat in Assam, Hyderabad, Madhya Pradesh and Haryana, with a view to meet the demand of designers. “We are going to set up five more NIS, from the one such institute in Bangalore,” Sharma said. He earlier inaugurated the newly revived National Textile Corporation (NTC)-owned Rajnagar textile mill at the cost of Rs 160 crore. The mill shall have yarn production capacity of 48.74 lakh kgs and 168 lakh metres annually.

Source: http://ibnlive.in.com/generalnewsfeed/news/government-monitoring-cotton-prices-sharma/924227.html

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