Narendra Goenka, chairman of the Apparel Export Promotion Council (AEPC), has told to the reconstituted Board of Trade (BOT) India that the government should intervene for regulating export of raw cotton/cotton yarn appropriately, and thereby ensure continuous availability of raw material at a competitive price.
The meeting was attended by various state ministers and other senior officials of key line ministries and states, all major trade and industry bodies, Export Promotion Councils and industry associations. There were 29 new non-official members who were also invited for the first time in the BOT meeting. The new BOT has been constituted by merging Council for Trade Development and Promotion with Board of Trade.
Goenka said there is a continuous increase in the prices of raw cotton.
The trend is expected to continue considering the global shortage of cotton. The crop is under stress this year in Pakistan, Brazil and the US.
Plus, the ban on China’s Xinjiang cotton has already disrupted supply chains across the globe.
He added that: He said, the industry will be able to achieve the export target of $17.2 billion for the year 2022-23, in spite of the recessionary trend being felt in most of the garment importing countries.
AEPC chief also pitched for PLI-2, extension of ATUFS, advance authorization on self-declaration basis, and deletion of condition of making transferee liable and making this applicable to existing scrips under the RoSCTL for garment exports.
