Steady trend was again witnessed on the cotton market on Tuesday as leading buyers were conspicuous by their absence, said by dealers. The official spot rate was unchanged at Rs 5,500. Prices of seed cotton in Sindh were at Rs 1800-2300 and in the Punjab at Rs 2200-2650.In ready dealings over 5000 bales of cotton changed hands at Rs 3950-5800.

            The size of current cotton crop is now close to victory stand of record high cotton production replacing the all time record of 14.275 million local weight bales in 2004-05. According to the fortnightly report of Pakistan Cotton Ginners/Association (PCGA), seed-cotton equivalent of 14.094 million bales has reached ginning factories by 15th February-12-against 11.381 million bales arrived same time last year-increase being 23.84%.

            Of the total arrival of 14.094 million bales, domestic spinners have procured 12.105 million bales and cotton exporters are reported to have purchased 0.807 million bales against their export sales. Total unsold stock of cotton bales has been mentioned as 1.182 million bales.

            The country’s key diplomatic missions aboard continued to fail in achieving export targets during the first seven months of the current financial year. According to data provided by the Export Promotion Bureau, the diplomatic missions of Bangladesh including those in Washington, Berlin, Paris, The Hague, Ottawa, Stockholm, Ankara and New Delhi could not achieve their export targets in last seven months.

             Claiming that they make a sizable contribution to the economy of Varanasi, the power loom sector is demanding package similar to the Central government's package of Rs 6,234 crore for the handloom sector. Those associated with the sector say there is need for assistance and recognition for a sector that has grown by leaps and bounds and is helping provide employment to many, including a number of former handloom weavers.

            The Ministry of Textile Industry has refused to withdraw its reservations over the negative list for India prepared by the Commerce Ministry. "We have decided to resist Commerce Ministry on the one-sided negative list and will not submit anything additional. We already have sent our viewpoint to the Commerce Secretary”.

            The textile ministry has sought a whopping 10-fold spike in allocation for the power loom sectorat Rs 1,200 crore during the 12th Plan, a top ministry official said here today. "We have sought over 10-fold rise in funding for the power loom sector during the next Plan from the Planning Commission. We have made a Rs 1,200-crore proposal. During the 11th Plan, the sector got only Rs 114 crore on this count".

            Pakistan Textile Ministry has demanded that homegrown producers be given wider access to the Indian market before allowing goods from across the border. But India is not ready to grant special concession to Pakistani textiles until Islamabad switches over to a negative list of imports, considered the first step towards granting India most favored nation status, according to a commerce department official.

            Exporters have demanded of the government to exempt the export-oriented textile sector from the monetary contribution under the Employee Old Age Benefits Act, 1976, as the industries are facing financial crunch in the wake of low production due to the power and gas shortages in the country.

             The Textiles Ministry is likely to extend the revised Technology Upgradation Fund Scheme (TUFS) to the 'blackout period', said by textile commissioner A B Joshi. "We can consider going to the blackout period, subject to maintaining the same discipline as that of the revised one. So going in that direction, probably if everything goes as we are planning, the revised TUFS coverage may be extended to the blackout period," Joshi told reporters here on the sidelines of an event.

            As many as six polluting textile dyeing units which were found to be unauthorized were demolished on Monday. Officials said 21 dyeing units had been listed for demolition and the stringent action against unauthorized units will continue. The action was taken by the pollution control board along with the TNEB.