Bangalore, July 7 : The Union government is thinking to reduce 14 per cent duty on cotton exports.
Addressing a media conference in Bangalore today, Union Textile Minister Shankarsinh Vaghela said that he had held discussions with Prime Minister and Finance Minister, and urged them to reduce the import duty on cotton as the textile industry has been under pressure by low profit margin and rupee appreciation.
The Minister also said that the textile ministry has urged the union government to refrain from imposing any tax on imports.
Vaghela further informed that this proposal is under serious consideration of the Central Government.
The Textile ministry is pushing hard to refrain from any duties at all on cotton export and import. By Kestur Vasuki