Textile bodies welcome tn’s decision to cut 1% ceased cotton | Latest India News


Confederation of Indian Textile Industry President T Rajkumar told reporters in Coimbatore on Saturday that removing cess, which had been a long-standing demand, would benefit cotton producers and the industry throughout. of the cotton textile value chain.

By Press Trust of India, Coimbatore

POSTED ON SEPTEMBER 05, 2021 12:13 AM IST

Textile trade bodies have welcomed the Tamil Nadu government’s announcement to remove one percent of the tax on the purchase of cotton and cotton waste.

Confederation of Indian Textile Industry President T Rajkumar told reporters on Saturday that removing cess, which has been a long-standing demand, will benefit cotton producers and industry along the chain. value of cotton textile.

The Southern India Mills’ Association hailed the decision to revoke the tax as it would benefit 200,000 farmers and help increase cotton production from 500,000 bales to 2.5 million bales by 2030.

It would also encourage farmers to switch to growing cotton from other cash crops and could benefit 1 million farmers in the long run, the trade body said.

The removal of the cease would attract several private cotton traders and the Cotton Corporation of India to open depots in the state and sell the cotton daily to small mills, the trading bodies said, adding that it would reduce working capital requirements. . and also the cost, time and transportation.


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