ITF conducts Textile manufacturing survey

Recently, the Indian Texpreneurs Federation conducted a survey among their member entrepreneurs representing the entire value chain of Textile manufacturing. Wherein the few key friction points regarding the upcoming cotton season were presented in the conclusive report.

  1. 99% of the entrepreneurs mentioned the cotton import duty making the Indian cotton prices artificially higher than International prices in the upcoming 2022 -23 cotton year.
  2. 81% of the participants mentioned that Traders and MNCs are being the main beneficiaries. In addition, the Indian farmers are not the real beneficiaries of the import duty imposition.
  3. Regarding the contributing reasons for more speculations in Indian cotton, 38% of the entrepreneurs picked Traders & MNCs to be the main source for speculative trade in cotton. 27 % of the entrepreneurs picked a lack of scientific data as the main reason for speculation.

In addition, the survey provided the following solutions:

  1. Removal of Import Duty on Cotton to ensure a level playing field with our competing countries.
  2. Extracting sales data in No of bales with the help of GST portal with ref to ginners across India.
  3. Installing Sim Card-based Smart Meters in Ginning mills to get real-time pressing data in No. of Bales.