ICF Requests the Center to Eliminate the Import Tax on Cotton
The Indian Cotton Federation (ICF), formerly known as the South India Cotton Association, held its 45th Annual General Meeting at GKS Cotton Chambers on September 29, 2024.
J. Thulasidharan was re-elected as President of ICF for 2024–2025, with Adhitya Krishna Pathy and P. Nataraj continuing as Vice Presidents. Nishanth A. Asher and Chetan H. Joshi retained their positions as Honourary Secretary and Honourary Joint Secretary, respectively.
During the meeting, J. Thulasidharan highlighted that the previous fiscal year was one of the most challenging due to a decline in textile demand. However, the industry is optimistic about the upcoming cotton season (2024–25), expecting higher yields compared to the previous season. Current estimates suggest the cotton crop could range between 330 to 340 lakh bales, which is a significant increase from last year’s figures. Incentives and a rise in the Minimum Support Price (MSP) have encouraged farmers to focus on improving both yield and quality.
Thulasidharan pointed out that India’s raw material (cotton) prices are higher than global rates due to the prevailing import duty. He urged the government to address this issue to benefit both farmers and the industry. Lower interest rate financing and securing raw material availability were emphasized as critical for the sector’s growth.
He also mentioned that Union Textile Minister Giriraj Singh, during a July 2024 meeting of the Textile Advisory Group (TAG), promised to review the parity between domestic and global cotton prices and explore reintroducing a new strain of BT cotton to enhance yields.
Nishanth Asher reiterated that to maintain competitiveness, the Government must play a central role in addressing challenges such as price volatility, supply chain issues, and trade barriers. He emphasized that ICF would continue advocating for policies that support farmers, businesses, and trade.
The federation’s primary appeal to the Union Government was to remove the import duty on cotton. Thulasidharan explained, "India's cotton prices are currently higher than global rates due to the import duty. Removing this duty would create a level playing field and help the Indian textile industry grow."
Read More :> Bumper arrival of cotton in Khargone market, farmers got price up to Rs 7250
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