Southern India Mills' Association has welcomed the online registration for cotton yarn exports launched by the Union Textile Minister Dayanidhi Maran on November 20.
Association chairman J. Thulasidharan said in a release that this would help tge exporters complete registration and clearance formalities instantly.
The Indian spinning sector was one of the most efficient and cost-effective spinning sectors in the world.
This had enabled the country to have over 15 per cent share in the global yarn trade.
The country was expected to export about 720 million kg of yarn this year, apart from meeting the growing demands of the domestic sector. The domestic spinning sector was able to export 17 to 23 per cent of the yarn produced.
Over three lakh spindles were getting added every month in the country.
During the next two years, the total spindleage was expected to increase to about 50 million enabling the nation to convert the entire cotton produced in the country into value-added products and increase yarn production by about 1000 million kg a year.