India rethinks cotton export ban
HTT Staff -- Home Textiles Today, 3/13/2012 12:16:19 PM
Delhi - India's government has partially reversed the ban on cotton exports it announced last week, according to several business new sources.
"Keeping in view the interests of the farmers, industry, trade, a balanced view has been considered by the Group of Ministers to roll back the ban," India's Commerce and Industry Minister Anand Sharma stated in an email.
Bloomberg News reports that exports of roughly 3.5 million 170-kilogram bales that were registered before the ban will be re-examined and revalidated for export within 10 days. A government panel will also meet before the end of the month to discuss the situation.
India imposed the export ban on March 5 to safeguard its domestic cotton supply after export sales outpaced the government's estimates, according to Bloomberg.
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