THE relevant Group of Ministers (GoM) has taken the decision to allow exports of an additional 10 lakh bales of cotton during the current season, ending September.
Till date, around 52.5 lakh bales have already been shipped out since October, of the total export quota of 55 lakh bales (170 kg each) approved by the government for the 2010-11 season (October-September).
The GoM is chaired by the Finance Minister, Mr Pranab Mukherjee, and also comprises the Commerce and Industry Minister, Mr Anand Sharma.
Mr Sharma said that with the extra 10 lakh bales, total exports would touch 65 lakh bales by September-end.
On the rationale behind the decision, he said that while cotton supplies were reportedly more than the domestic demand, the GoM took the decision taking into account the commodity's domestic consumption, especially by the textile mills. It would seek more clarity after the arrival of fresh stocks in the market in October, he added.
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