Even while the government is fighting all barrels to bring wheat prices under control, the costs of another commodity, cotton, are surging. Cotton is trading at an all-time high in the Indian markets. In the global markets, meanwhile, cotton is trading at an 11-year high.
The textile ministry has called a meeting that will be from 5 pm to 7 pm on May 17. While the agenda of the meeting is not clear at the moment, there is a huge demand from Indian garment makers and exporters to ban cotton exports, sources have told CNBC-TV18.
Also Read: India overreacting to price rise of cereals by banning wheat exports: Subhash Chandra Garg
The ministry has already cut 5 percent Customs duty, and a 5 percent tax on cotton imports has been waived off until September. But even after this step, taken in April, cotton prices have not cooled.
Also read: Textile mills struggle as cotton price hits 11-year high
Watch the accompanying video of CNBC-TV18’s Manisha Gupta for more details.