Irani blames US-China trade war for cotton industry slowdown
Sunday - November 10, 2019 8:12 pm , Category : BUSINESS
Gurugram, Nov 10 (IANS) Accepting the slowdown in the Indian cotton yarn industry, the Union Textiles Minister Smriti Irani on Sunday blamed the US-China trade war for the situation, as she assured the stakeholders of finding a solution to the problem."We are aware that the cotton yarn industry has taken quite a hit after the US-China trade war," Union Textile Minister, Smriti Irani said while addressing the audience at the Indian Cotton Conference 2019. "And my colleagues in the commerce ministry have dedicated themselves to ensure that they find solution for the same," she added, while assuring the farmers and other industry stakeholders of finding a solution soon. Irani was addressing Indian Cotton Conference 2019, organised by Indian Cotton Association Limited (ICAL), where she was accompanied by the Union minister of state for Agriculture. The event focused on branding of India as the most potential organic cotton producing country across the globe."Today the contribution of farmers is unaccounted. We cannot grow at the cost of our farmers. The solution has to be midway and I am happy I have the presence of Cotton Corporation in this gathering today," Irani said. The conference came up with suggestion that cotton brand needs a cotton development board which can help enhance the stakeholders' image and promote usage of cotton.Since mid-2018, the US and China have been locked in a trade confrontation that has resulted in several rounds of retaliatory tariffs. Over the course of 2018, the US administration started implementing a series of trade measures to curtail imports, first targeting specific products (steel, aluminium, solar panels and washing machines) and then specifically targeting imports from China. The China in response, retaliated by raising tariffs on a subset of products that were already subject to tariffs.