India Government Announces 5% Incentive For Cotton Exports
The India Foreign Trade Council issued a notice on its website that the export of raw cotton can receive 5% incentive from April 1, 2008 to June 30, 2009.
The plan is aimed at promoting cotton exports in India, mainly cotton produced on farms.
Experts derided the government's efforts to provide subsidies to other competing countries for cotton, such as China, Pakistan and Bangladesh.
In the current cotton year, cotton production in India is expected to decrease by 9.94% to 29 million packages (1 packets equivalent to 170 kg), and the government expected to produce 32 million 200 thousand bags in October last year.
The decision made by the government has greatly increased the price of cotton. On the morning of February 18th, in the Gujarate cotton market, cotton prices were 2500-3000 rupees / candy (1 candy = 356 kg).
Editor: vivi
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