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Wednesday, 20 July 2022

Textiles Minister insists on finding structured solutions on ‘contract’ front

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Addressing the need of specific delivery-based contract and open position limits on Multi Commodity Exchange of India Limited (MCX), Union Minister of Textiles, Commerce & Industry, Piyush Goyal has directed the Textiles Ministry, Textile Commissioner, Cotton Corporation of India (CCI) and Textile Advisory Group (TAG) to engage with MCX/The Securities and Exchange Board of India (SEBI) and find structured solutions on ‘contract’ front.

He was addressing second interactive meeting with the TAG, in Mumbai, to review progress of work.

The Minister insisted that any possibilities of manipulations on price front to the disadvantage of cotton textile value chain have to be contained.

On the suggestions of the industry, the Minister directed the Textile Commissioner that the penal provisions under the relevant sections of Collection of Statistics Act be invoked for compliance to address the need of accuracy of statistics across the value chain. The action may begin with the ginning segment immediately.

He also directed the Textile Commissioner to utilise services of CCI personnel for data collection from ginning segment under Collection of Statistics Act.

The Minister asked the officials to examine yarn national index’s objectivity, feasibility and reliability for industry. The industry has suggestions to evolve this index.

He directed the CCI to lend Agricultural Extension Services in co-operation with Indian Council of Agricultural Research (ICAR) to farmers through its network of branches all over India.

While deliberating on the approaches for use of coloured fertilisers bag to avoid contamination in cotton, he directed TAG to address the long pending issue on priority with a solution which does not lend itself to any cost escalation.

Union Minister of State for Textiles Darshana V. Jardosh, Upendra Prasad Singh, Secretary Textiles, Senior Officials from various ministries and and stakeholders of the industry were present in the meeting. The whole of textile value chain was represented in the consultations through lead associations and experts in the meeting.

Source : https://in.apparelresources.com/