India revoked ban on cotton export after reviewing the cotton export situation by the Informal Group of Ministers headed by Pranab Mukherjee and the group of ministers include Agriculture Minister, Sharad Pawar, Commerce and Textile Minister, Anand Sharma and Chairman of the Prime Minister’s Economic Advisory Council C Rangarajan.
After the keen observation and study of the estimates of the cotton advisory board and the third estimates of the Ministry of Agriculture, the Informal Group of Ministers finalised that the suspension of new registrations for cotton exports be withdrawn and the exports be allowed.
The Cotton Corporation of India (CCI) has been mandated to build a buffer stock of 10, 00,000 bales to meet any demand during the months of June, July and August 2012. The Informal Group of Ministers would further make a review of the situation in three week’s time.
