Worried over decline in raw cotton prices, the government has stepped up efforts to find out new markets for the commodity. The prices are declining because of a plunge in exports to its biggest market, China, which had changed its policy on cotton imports. "Situation is very grim. India needs to find ways to increase its cotton exports by exploring new markets. Government is seized of the matter and is taking steps to stabilise the situation," an official stated. An industry expert said that India also needs to set up spinning and yarn units domestically and in countries like Vietnam to boost exports of raw cotton and other value-added products. Recently a team led by Commerce Secretary visited two cities of Vietnam. The south ease Asian nation is one of the biggest importer of India's cotton and also an important centre on spinning and yarn making. China has huge investments in this sector in Vietnam.
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