SIMA refutes CAI’s cotton crop estimate of 311 lakh bales for the season 2022-23The predominantly cotton based Indian textile industry has been continuously facing challenges owing to high volatility in cotton prices and 11 percent import duty on cotton despite having comfortable home-grown cotton availability. The overall cotton textile export including the readymade garments has dropped by 23 percent during 2022-23 and 18 percent during the period April -June 2023 when compared to the corresponding period previous year. The cotton yarn export has slid by 50 percent during 2022-23 compared to year ago, resulting in stoppage of production and job losses to the tune of 30 percent across the value chain. The Hon’ble Union Minister of Textiles, Piyush Goyal, constituted a Textile Advisory Group and is taking various corrective measures to stabilize the cotton price and enhance the global competitiveness.