Indian textile stock rose significantly as the government cancelled import tariffs on cotton.

From August 19th to September 30th, India has canceled the import tariff on cotton, which has caused stock prices of Indian textile companies to rise. Valdman Textile Company, one of India's largest yarn producers, saw its stock price increase by 8% to 442.2 Indian Rupees. Kitex Garments, Welspun Lifestyle, and Raymond Lifestyle saw their stock prices rise by 5%, 4%, and 3.4% respectively. Gokaldas Exports saw a 2.4% increase in stock prices. The Indian clothing industry is currently facing high tariffs from the United States, with tariffs as high as 50%, compared to 20% for Bangladesh and Vietnam. Industry organizations state that implementing a duty-free policy on cotton imports will make the industry more competitive. Industry officials expect the government to extend the deadline for duty-free cotton imports beyond September.