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Piyush Goyal to textile group, Retail News, ET Retail


Engage with MCX, SEBI to find solutions on ‘contract’ front: Piyush Goyal to textile group

Textile minister Piyush Goyal has said that possibilities of manipulations on price front to the disadvantage of cotton textile value chain have to be contained and 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 textiles value chain.

Goyal held the second interactive meeting with the Textile Advisory Group (TAG) in Mumbai on Thursday to review progress of work.

Addressing the need of specific delivery based contract and open position limits on MCX, Goyal directed the ministry, Textile Commissioner, Cotton Corporation of India (CCI) and TAG to engage with MCX/SEBI and find structured solutions on ‘contract’ front, according to a release issued by the textiles ministry on Friday.

“Any possibilities of manipulations on price front to the disadvantage of cotton textile value chain have to be contained,” the ministry said.

Renowned veteran cotton person Suresh Kotak is chairman of the TAG.
“Goyal, on the suggestions of the industry, 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 ministry said, adding that the action may begin with the ginning segment.

Goyal also directed the Textile Commissioner to utilize the services of CCI personnel for data collection from Ginning segment under Collection of Statistics Act.

On suggestions to evolve yarn national index, Goyal directed to examine its objectivity, feasibility and reliability for industry. For mechanized cotton picking, he stressed that a dedicated effort be done by Central Institute for Research in Cotton Technology (CIRCOT) and the Southern India Mills’ Association – Cotton Development & Research Association (SIMA-CDRA) to make an indigenous, cost effective and efficient device validated by our user farmers.





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