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World’s cotton harvested area in 2016-17 is projected at about three per cent below last season. For India-the leading cotton producer-the crop is forecast at 27 million bales in 2016-17, two per cent above 2015’s six-year low.

World’s cotton harvested area in 2016-17 is projected at about three per cent below last season. For India—the leading cotton producer—the crop is forecast at 27 million bales in 2016-17, two per cent above 2015’s six-year low. In 2016-17, an above-average yield is expected to more than offset lower cotton area as farmers in India are reported to have planted alternative crops.

Consumption of Turkish cotton is expected to hit a 10-year high next year as the country’s cotton industry invests in new technology.

Consumption of Turkish cotton is expected to hit a 10-year high next year as the country’s cotton industry invests in new technology.

Consumption of Turkish cotton is expected to hit a 10-year high next year as the country’s cotton industry invests in new technology.

The politics of Goods and Services Tax (GST) may take some more time to sort out, but its basic impact on textile industry can be analysed beforehand. ITJ sought opinions on GST?s impact on the textile industry. Current exemptions on certain goods to continue: Multiple exemptions exist under the present tax system ? the Centre has ~300 items exempted from central excise duty, while the States (together) have ~90 items exempted from VAT. These will be merged into a Final synchronised exemption list under the GST regime.

The sharp rise of over 35 per cent in domestic cotton prices since May 2016 will squeeze ginners and spinners profitability by over 15 per cent, says India Ratings and Research (Ind-Ra). Ind-Ra expects prices to remain elevated around the current levels of Rs 120 per kg to Rs 127 per kg till the end of the cotton crop year of September 2016. The spike in cotton prices will adversely impact the profitability of pure cotton ginners and spinners due to their inability to pass on this steep increase to their customers, at once, due to decreasing cotton demand and increased competitiveness of manmade fibre.