SPECIAL CORRESPONDENT | COIMBATORE,
MAY 01, 2021
The Committee on Cotton Production and Consumption expects production during the current season (October 2020 to September 2021) to be at 360 lakh bales, slightly lower than the 2019-2020 estimate of 365 lakh bales.
At a meeting held on Friday, the committee estimated cotton exports in the current season to be at 70 lakh bales and consumption by textile mills at 288 lakh bales. The closing stock is projected to be almost 119 lakh bales. In its previous meeting held in January this year, the committee estimated 2020-2021 production to be 371 lakh bales, textile mill consumption at 312 lakh bales, and exports to be at 75 lakh bales.
According to K. Selvaraju, secretary general of the Southern India Mills’ Association (SIMA), textile mill consumption and exports this year may be lower than the estimates because of the spread of COVID-19 and its impact on industrial activities. “Worker shortage is the main challenge for textile mills,” he said.
Atul S. Ganatra, president of Cotton Association of India, said about 43 lakh bales had been shipped for exports so far. Exports to China and Bangladesh had slowed. With huge closing stock, domestic cotton prices are likely to be stable. (Source: The Hindu)