The Union Minister for Textiles Smriti Irani on Sunday, November 10 admitted that the US-China trade war is the reason behind the slowdown in the Indian cotton yarn industry as she assured the stakeholders of finding a solution to the problem. While addressing the audience at the Indian Cotton Conference 2019 Irani said, "We are aware that the cotton yarn industry has taken quite a hit after the US-China trade war," Union Textile Minister."
Assurance to farmers and stakeholders
The 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 the branding of India as the most potential organic cotton producing country across the globe. "And my colleagues in the commerce ministry have dedicated themselves to ensure that they find a solution for the same," she added while assuring the farmers and other industry stakeholders of finding a solution soon.
"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 the suggestion that the cotton brand needs a cotton development board that 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, aluminum, 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.
