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India take decision on unexported cotton soonIndia will soon take a decions on allowing the remaining unexported cotton within a few days. The Group of Ministers of the Union Government had met the other day to evaluate the raw cotton and yarn exports scenario.
The exporters have time until January 6th to provide custom papers as verifiable information for the amount exported. However, if the GoM gets the data sooner, a decision on the export will be made. The government is committed to fulfill the earlier limit of 5.5 million bales for the 2010/11 season.
As of December 22nd, export data for 2.6 million bales (170 kg each), have been submitted to the government via online system. Of which, verifiable information is available for 1.71 million bales (17.1 lakh bales). However, the Office of the Director General of Inspection for Customs and Statistics, Ministry of Commerce and Industry has data directly from Indian Customs for the shipment of 3.078 million bales (30.78 lakh bales). It appears that verifiable export data will be available for the Ministry of Textiles within next few days.
The official source from the government advised that the government is not interested in waiting long to get the data and to allow the remaining exports. Nayan Mirani of Kimji Visram and Sons, Mumbai while speaking to this writer on December 21st expressed his view that India should fulfill its commitment of 5.5 million bales as approved earlier.From all sources contacted, it appears that India will stick to its already committed export level of 5.5 million bales.
Cotton Crop is turned out in better growth due to very much favorable climate condition so far, the states of Gujarat, Maharashtra, Punjab and Haryana have found better increasing crop. Weather is sunny and plants have got distinguished growth. So far market is bit higher due to high demand from Local Market, Mills etc where as supplies have found lesser then the demand, but we anticipate the Market will be to the mark within coming fortnight, since the supplies would become higher according to the demand.
