India’s cotton production likely to decrease in 2020-21
The Committee on Cotton Production and Consumption expects the current year’s production to be 36 million bales, lower than last year’s estimate of 365 lakh bales. This dip is owing to the spread and impact of COVID-19.
Coimbatore, Tamil Nadu
The Committee on
Cotton Production and Consumption (CCPC) anticipates production of October 2020
to September 2021 to be at 36 million bales in India. This is lower than
2019-20’s estimate of 36.5 million bales.
The committee’s further
projections for 2020-21 include cotton exports at 7 million bales, consumption
by textile mills at 28.8 million bales and closing stock at 11.9 million bales.
The dip in estimates is due to the shortage of labour and the spread of
COVID-19.
Around 4.3 million
bales have been exported so far. With a reduction in exports to Bangladesh and China,
there is a huge closing stock that will keep domestic cotton prices stable.
Source: The Hindu
Related Stories:
https://indiantextilejournal.com/latest-textile-industry-news/year-2020-and-cotton-textiles-sector
