News Snapshot:
The government’s decision to remove import duty on cotton will reduce the prices of the commodity and help exporters, but it should have come earlier, say traders. The withdrawal of import duty on cotton is a big relief, says Sumit Jain, the MD of Delhi-based Kanin Originals, a manufacturer and exporter of cotton-based readymade garments. But he asserts that the decision was belated. “For the last 6-7 months, there has been a consistent spike in cotton prices every fortnight. Several orders we had got cancelled due to the high prices. We couldn't execute many business commitments as the steep price...