The Prime Minister Of India Convened A Meeting To Discuss The Rescue Of The Textile Industry.
On Wednesday, India's prime minister, Dr Manmohan Singh, convened a meeting to discuss how to save the textile industry. The textile industry is in a predicament because India's cotton prices have risen sharply.
During the meeting, Mr Sharad Pawar, Minister of agriculture at the conference, revealed to the media that he hoped the meeting would find a solution for this thorny issue.
At the beginning of the new cotton season, the government of India announced that the minimum price of cotton support increased by 25-40%, leading to a sharp rise in cotton prices in the open market, and India's cotton prices exceeded the prevailing price in the international market.
The textile industry strongly opposes raising the minimum supporting price of cotton. They say domestic cotton prices will soar when international market prices fall into a downward path.
The export business has warned that exports will slide and accelerate textile enterprises importing cheaper foreign cotton.
Yang Jing: editor in charge
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