India’s Cotton-Export Ban Should Be Lifted, Minister Says
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India’s farm ministry wants a ban on cotton exports to be revoked as the curbs will hurt farmers in the world’s second-biggest producer, minister Sharad Pawar said. Futures surged for a second day to the highest level in more than two weeks.
The ban will lower domestic prices and hurt planting prospects in next crop season, Pawar told reporters in New Delhi today. The ministry has written to Prime Minister Manmohan Singh to rescind the ban announced by the commerce ministry yesterday, he said. The curbs are to prevent depletion of domestic supplies, according to the textiles ministry.