The currency imbroglio that is currently experienced in India following a cash shortage is hurting the cotton trade. With farmers seeking to sell their produce only in cash, the scarcity of notes has led to daily cotton arrivals declining by almost 50 per cent.
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The Mumbai-based Cotton Association of India (CAI) is against Cotton Corporation of India stockpiling 7 to 8 million bales (170 kg each) by procuring during peak arrival season to sell to user mills during May to September time-frame. According to CAI, this scenario will need huge investment by the public sector Cotton Corporation of India and also it will incur losses due to price fluctuations. CAI in citing the China reserve policy, India should learn from China and should not venture into the reserve situation for cotton surplus country like India.
India expects to produce 35.1 million bales (170 kg) this season beginning in October. India’s official body, Cotton Advisory Board met in Mumbai and decided on this year’s first estimate of cotton production.
Declining cotton consumption needs a big boost, and innovation only holds the key, opine industry experts.
Declining cotton consumption needs a big boost, and innovation only holds the key, opine industry experts. It was a session of introspection for the cotton community! At the USA Cotton meet at the Trident Hotel in Mumbai recently, an august gathering of cotton industry experts watched with awe and avid interest at the Executive Director of Cotton Council International, Bruce A Atherley’s concerns over declining cotton consumption and call for attempts to give a boost to this natural fibre’s fortunes globally.
Cotton consumption this year will be the highest in six years. Total global consumption will be about 112 million bales (480 lbs each).
The predominantly cotton based Indian textile industry has been facing acute crisis during the last eight years due to high volatility in cotton prices especially during off season starting from May to September.