Union Minister of Commerce & Industry and Textiles Piyush Goyal held a review meeting of Cotton Corporation of India (CCI) in Mumbai. As per a source familiar with the proceeding of the meeting, the skyrocketing price of cotton and yarn was also discussed in the meeting.
Due to skyrocketing yarn price, Ministry of Textiles (MoT) is under pressure and there are discussions that RoDETP benefit for yarn can be suspended for 3 months.
Recently various trade bodies of the textile and apparel industry raised questions on the working of CCI.
The ways to strengthen procurement processes to further support the livelihoods of cotton farmers were also discussed in the meeting.
Under the Ministry of Textiles, CCI is a miniratna public sector undertaking.
It is important to mention here that just a few days back, the Cabinet Committee on Economic Affairs had given its approval for committed price support of Rs. 17,408.85 crore to the CCI for the cotton seasons from 2014-15 to 2020-21 (up to 30 September 2021).
The Minister also insisted that sustainable cotton production is critical for realising the goal of an Aatmanirbhar (self-reliant) textiles industry.
Textile Secretary UP Singh, Pradeep Kumar Agarwal, CMD, CCI and senior official of MoT were also present in the meeting.
