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2011-4-28
A rise of 150 percent is imminent in cotton cess, as the Pakistan Central Cotton Committee (PCCC) has already begun the process for raising the cess from Rs. 20 per bale to Rs 50 per bale.
The Pakistani government intends to increase cotton cess in order to intensify research and development activities to boost cotton output.
Rise in taxes during 2011-12 are expected to generate additional $8.14 million or Rs. 700 million, while the country’s overall cotton output for 2011-12 season is expected at around 10.9 million or 480 lb bales.
Around 3.3 million hectares of area is believed to be under cotton cultivation for 2011-12 season, which is 25 percent more than last year. This rise in cotton cultivation acreage is mainly due to global cotton prices touching record high levels, which has inspired farmers to take up cotton production.
The country’s consumption for 2011-12 is projected at 11.5 million bales, while its imports for the period are estimated at 1.6 million bales.
Pakistan is the fourth largest producer and third largest consumer of cotton across the world, with cotton being country’s principal non-food cash crop, contributing 8.6 percent of the value addition in agriculture and 1.8 percent of country’s GDP.
Source:Fibre2fashion News Desk - India
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