Encouraged by wheat export ban, India's garment industry calls for similar curbs on cotton trade

Even while the government is fighting all barrels to bring wheat prices under control, the costs of another commodity, cotton, are surging. Cotton is trading at an all-time high in the Indian markets. In the global markets, meanwhile, cotton is trading at an 11-year high.

The textile ministry has called a meeting that will be from 5 pm to 7 pm on May 17. While the agenda of the meeting is not clear at the moment, there is a huge demand from Indian garment makers and exporters to ban cotton exports, sources have told CNBC-TV18.

The ministry has already cut 5 percent Customs duty, and a 5 percent tax on cotton imports has been waived off until September. But even after this step, taken in April, cotton prices have not cooled.