Removal of import duty on cotton to push textile export to $60 billion in FY23: HEWA

New Delhi, April 19 (KNN) With the exemption of import duty on cotton till September 30, the textile exports are expected to reach USD 60 billion in the current fiscal year, said Home Textile Exporters Welfare Association (HEWA).

The association has stated that the exemption would provide relief to the consumers by benefitting the entire textile value chain right from yarn, fabric, garments, and made-ups.

The move is anticipated to ease the pressure on demand, and bring stability in raw cotton price.

It will also end the volatile situation persisting for the last six months, thereby helping the textile exporters achieve splendid growth in FY23, said HEWA.

It has also requested the government to stop the uncontrolled exports of raw materials to nations such as China and Bangladesh, which disrupt the supply-demand cycle of raw materials in India. 

The textile exporters body stated that due to the sharp rise in the cotton prices from October 2021 the textile exports in 2022 was lower than the expectations. (KNN Bureau)