To address supply chain issues and help its textile industry, India's government has temporarily removed the 11% import duty on cotton.
This exemption, effective from August 19 to September 30, is a direct response to appeals from industry leaders who argued that lifting the duty would reduce their costs and strengthen India’s position in trade talks with the United States.
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Speaking to CNBC, Rakesh Mehra, Chairman of the Confederation of Indian Textile Industry (CITI), praised the government's move. He acknowledged that the decision was a significant step, especially given the government's commitment to protecting farmers' interests.
This delicate balancing act is crucial as both the textile and agricultural sectors are key sources of employment in India.
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Mehra also noted the importance of this action in the context of global events, including the uncertainty from tariffs and ongoing geopolitical negotiations.
Again Textile scrips like Vardhman Textiles etc have shown upward movement as a relief rally given that Textile sector currently is posed with unpredictability on account of tariff shocks.
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A right step in the right direction.
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