With the continuous decline in prices of cotton and yarn, and marked drop in buying of cotton from China, the Union Government is making attempts to bail out the domestic industry and farmers in India.
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A new initiative aimed at accelerating the uptake of organic cotton has been launched with the backing of retailers such as C&A, H&M and Eileen Fisher, as well as Textile Exchange.
The 2-day Cotton India 2014 held very recently at The Renaissance Hotel, Mumbai, really ?wove the world of cotton together?, as the organisers, Cotton Association of India (CAI) has mentioned in their programme brochure.
The Cotton Association of India (CAI) has placed the cotton crop for the season 2014-15 beginning on 1st October 2014 at 405.50 lakh bales of 170 kg. each.
At the end of 2013-14, international cotton prices were around 80 cents and have continued falling in the first two months of the new season. Given the predicted 1.8 million tonnes of surplus cotton production and changes in China´s cotton policy, prices are unlikely to rise to the levels seen in the last two seasons.
Asian countries, particularly China and India, should boost their cotton consumption. Jose Sette, executive director of Washington, DC-based International Cotton Advisory Committee (ICAC) speaking in Mumbai at the 8th Asian Textile Conference stated that although increasing cotton yield per hectare is important in India, China and India should focus on increasing its per capita cotton consumption.
With cotton prices falling below the minimum support price levels, the Cotton Corporation of India has begun procurement in the select markets of Karnataka, Telangana, Andhra Pradesh and Maharashtra