NEW DELHI: The government has imposed a duty of Rs 2,500 per tonne on raw cotton exports in order to moderate prices of the commodity in the domestic market and help the local textiles industry.
The Central Board of Excise and Customs has notified the export duty on the natural fibre, which has seen a sharp rise in prices in the recent few months.
The measure follows the decision by a high-level meeting chaired by Finance Minister Pranab Mukherjee last week.
The export duty has been levied for six months, an official in the textiles ministry said.
The domestic textile industry has been pitching for cotton export restrictions in the wake of steep rise in prices of the natural fibre.
The price of Shankar-6 variety, the premium quality of cotton, has risen to around Rs 28,500 per candy from around Rs 25,000 per candy (356 kg) in November 2009.
India, the world's second largest cotton producer, exported 2.36 million bales (of 170 kg each) of cotton last season (from October 2008 to September 2009).
Besides, the government is taking steps to ensure that there is adequate availability of cotton in the country.
"It was decided that there should be a carry-forward stock of about 50 lakh bales of raw cotton at the beginning of the next cotton season (starting October 2010)," the textiles ministry official said.
Besides, a three per cent duty on export of cotton waste has also been imposed.
Last week, the government also imposed restrictions on export of cotton yarn, making it mandatory for exporters to register their shipments with the textiles commissioner.
As per a notification by the Directorate General of Foreign Trade, export consignments of cotton yarn would now have to be registered with the textiles commissioner before they can leave the country.
Thursday, April 15, 2010
One year on, challenges remain at Mahindra Satyam
A year after taking over the former Satyam Computers, the Mahindra Satyam officials say that a lot has changed for good in the internal systems of Satyam, reports CNBC-TV18's Appaji Reddem.
Exactly a year after taking over Satyam, a visibly confident management of Mahindra Satyam says the fundamentals of the company have been changed to ensure better transparency.
CP Gurnani, CEO, Mahindra Satyam, said, "The fundamental change that happened in the organization was that 14 layers of management were reduced to seven layers. That means between CEO to my youngest engineer trainee, there are seven layers. Fundamentally, the structural changes that have happened around a better transparency, more availability of data, better collaboration between teams and essentially what you see is that customer centricity."
Despite legal issues, the firm also ensures that the much awaited re-statement of Satyam accounts will happen in the coming June as scheduled.
Vineet Nayyar, Chairman, Mahindra Satyam, said, "As the schedule goes, we believe, we will be able to meet the timelines."
The Corporate Affairs Minister Salman Khurshid, who had inaugurated Mahindra Satyam's 26 acre SEZ today, said one needs to take law into account before thinking of meeting timelines, especially with regard to the re-statement of Satyam accounts.
Khurshid stated, "There are technical matters that obviously have to be taken into account. Not everything that we wish and desire is possible immediately because we have to take the law into account. There are many other aspects related to recovery and revival of Mahindra Satyam."
Anand Mahindra tells Mahindra Satyam employees that war is over and it's time to dance. But it's definitely a tough road ahead for Mahindra Satyam as several of documents required to re-state the accounts are still locked up with the Central Bureau of Investigation. And the lawsuits by the US Securities and Exchange Commission are expected to be one of the major troubles for the company.
Exactly a year after taking over Satyam, a visibly confident management of Mahindra Satyam says the fundamentals of the company have been changed to ensure better transparency.
CP Gurnani, CEO, Mahindra Satyam, said, "The fundamental change that happened in the organization was that 14 layers of management were reduced to seven layers. That means between CEO to my youngest engineer trainee, there are seven layers. Fundamentally, the structural changes that have happened around a better transparency, more availability of data, better collaboration between teams and essentially what you see is that customer centricity."
Despite legal issues, the firm also ensures that the much awaited re-statement of Satyam accounts will happen in the coming June as scheduled.
Vineet Nayyar, Chairman, Mahindra Satyam, said, "As the schedule goes, we believe, we will be able to meet the timelines."
The Corporate Affairs Minister Salman Khurshid, who had inaugurated Mahindra Satyam's 26 acre SEZ today, said one needs to take law into account before thinking of meeting timelines, especially with regard to the re-statement of Satyam accounts.
Khurshid stated, "There are technical matters that obviously have to be taken into account. Not everything that we wish and desire is possible immediately because we have to take the law into account. There are many other aspects related to recovery and revival of Mahindra Satyam."
Anand Mahindra tells Mahindra Satyam employees that war is over and it's time to dance. But it's definitely a tough road ahead for Mahindra Satyam as several of documents required to re-state the accounts are still locked up with the Central Bureau of Investigation. And the lawsuits by the US Securities and Exchange Commission are expected to be one of the major troubles for the company.
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