Currently, cotton imports attract 5 per cent Basic Customs Duty (BCD) and 5 per cent Agriculture Infrastructure Development Cess (AIDC)
India saw its highest monsoon rainfall in 25 years during the June-September season and rains even continued in October and November.
Quality of output is another nagging issue, as the raw cotton produced this year cannot be used by spinning mills
The country could import 2.7 million bales in 2018/19 marketing year ending on September 30, up from 1.5 million bales a year ago, he said.
Punjab has already asked the federal government to announce the intervention price.