Cotton Industry Expects Strong Growth In Upcoming Season Despite Rain Concerns
Date
9/30/2024 2:17:35 PM
(MENAFN- KNN India)
Coimbatore, Sep 30 (KNN) The Indian cotton industry is poised for growth in the upcoming season, according to statements made by key figures at the Indian Cotton Federation (ICF) annual meeting in Coimbatore.
ICF President J. Thulasidharan projected a positive outlook for cotton production in the season beginning October. The estimated area under cotton cultivation is 11.85 million hectares.
While concerns were raised about potential crop damage due to excess rainfall in parts of Gujarat and Maharashtra, Thulasidharan assured that the overall impact is expected to be minimal.
Based on feedback from local levels, cotton production is anticipated to surpass the current season's output, with estimates ranging between 33 million to 34 million bales. Thulasidharan emphasised the importance of raw material security and affordable financing for the industry's success.
The ICF president noted that early harvests have begun, with initial quality assessments indicating good results, barring some moisture-related issues. He also suggested that significant price increases are unlikely, given the current market conditions.
Nishanth A. Asher, Secretary, ICF, highlighted the growing importance of sustainability in the cotton industry. He stressed the Federation's commitment to promoting sustainable cotton practices and engaging with policymakers on critical issues such as price volatility, supply chain challenges, and trade barriers.
Asher also addressed the current disparity between domestic and global cotton prices, attributing it to import duties. He called on the government to remove these duties to create a level playing field for the Indian textile industry and support its growth.
(KNN Bureau)
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