Cotton Association of India (CAI) has reduced its estimate for the cotton crop in the month of May. The estimate of the cotton crop for 2020-21 has been reduced by 0.4 million.
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According to the Southern India Mills’ Association (SIMA), the import duty on raw cotton would erode the competitiveness India’s value-added segments that has a business size of around Rs 50,000 crores in exports and Rs 25,000 crores in the domestic market.
According to the Southern India Mills’ Association (SIMA), the import duty on raw cotton would erode the competitiveness India’s value-added segments that has a business size of around Rs 50,000 crores in exports and Rs 25,000 crores in the domestic market.
India’s entire domestic supply chain of cotton is getting affected due to Covid-19. According to King Mukherjee, President and Founder, Global Impex USA, this is referred to as ‘Tsunami Covid’.
Cotton sowing in Punjab has been delayed because only 20% of the crop has been sown till May 10. Also, only 63,220 hectares of land has been used for sowing in Punjab, according to Punjab Agriculture Department.
China needs to pull up its socks when it comes to setting prices and formulating standards in the cotton textile industry. Due to the pandemic, the industry has been severely affected by reduced demands for garments.
The USDA has projected India’s cotton production for the upcoming season at 37.8 million bales. The Indian textile industry says a lot of it depends on the southwest monsoon.