Pakistan And Bangladesh Want India To Fulfil The Cotton Contract.
New Delhi:
Pakistan
and
Bengal
India cotton growers have fulfilled their cotton supply contracts, which were signed before last month's export ban.
They wrote to the government of India respectively and said that the future supply of cotton to Pakistan and Bangladesh should not be disturbed.
India
Now put
cotton
The list of export restricted products can only be exported by obtaining the permit issued by the government.
Letters from Pakistan and Bangladesh caused a sensation inside the government of India.
An official said that the Ministry of commerce is now considering how much cotton will be allowed to export if it fulfil the old contract.
The Ministry of textiles suspended cotton exports in April 19th, after the domestic textile industry complained that cotton prices increased by 20% over last October and increased production costs.
The commerce department subsequently lifted the export ban in May 21st, because some cotton farmers in the state protest against the government's ban on exports, but the government announced that cotton exports need to receive permits.
However, some contracts signed by Pakistan and Bangladesh buyers before the ban on export last month are still in the air.
Ajay Sahai Sahai, President of the India Export Federation (FIEO), said the contracts could be fined if they did not comply with the Ajay.
In addition, because these neighboring countries that rely on India's cotton have large scale textile industries, it may be unwise to fail to fulfil the cotton export contracts signed with them.
Bangladesh's economy is highly dependent on textiles. Textiles account for 80% of Bangladesh's exports. Bangladesh imports cotton from India.
Pakistan grows a lot of cotton on its own. In fact, Pakistan is the fourth largest cotton producer in the world, but the textile industry in Pakistan is booming. It imports about 3 million bales of cotton each year, mainly from India.
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