The textile business has sought withdrawal of import duty on at the very least some varieties of cotton from June to October as was completed over the past cotton season from April to October to convey stability in cotton costs within the coming months.
Domestic cotton costs have seen a pointy fall in the previous couple of days. The value of the widely-used Shankar-6 selection was ₹60,500 a sweet on May 20 and is at ₹ 55,700 on Saturday.
Chairman of the Southern India Mills’ Association Ravi Sam mentioned in a press launch that Indian cotton costs are on a par with worldwide costs solely now. Almost 270 lakh bales of cotton have arrived out there in the course of the present cotton season (October 2022 – September 2023) as towards the estimated manufacturing of 337 lakh bales. The month-to-month arrival in April was 42.82 lakh bales as towards 7.39 lakh bales final April.
“The abnormal month on month kapas price (that) prevailed last cotton season made the farmers and kapas traders to hold over 47% of the cotton hoping for abnormal price increase despite Cotton Corporation of India announcing closure of MSP operations on March 31, 2023,” he mentioned. The costs exceeded ₹1.1 lakh a sweet throughout April 2022.
Mr. Ravi Sam mentioned the worldwide cotton season will start in August. The remaining home cotton ought to come into the market in order that Indian costs stay secure, he mentioned.
