February 02, 2021
Levy may increase domestic prices, says Chairman Manoj Patodia The Cotton Textiles Export Promotion Council has expressed surprise over levy of 10 per cent import duty on raw cotton and urged the government to have a relook at the proposal.
Welcoming the Government move to set up seven textile parks over three years, Manoj Patodia, Chairman of The Cotton Textiles Export Promotion Council, said the move to levy import duty on cotton will make imports of Extra Long Staple Cotton costly, especially GizaCotton from Egypt and Supima Cotton from the US. Patodia also expressed his apprehension that the levy of import duty on cotton will increase the domestic prices which will now be based on the import parity price plus the basic customs duty.