CAI President Atul Ganatra's big statement on cotton prices
Cotton Association of India (CAI) President Atul Ganatra has made important statements about the current situation of cotton and the upcoming season. He said that cotton prices have increased significantly in the last two years, due to which work in big textile hubs like Tripura and Ludhiana has been affected.
He said that if cheap cotton is available from any part of the world, its import will continue in India. Last week, about 2 lakh bales of cotton were imported from Australia. He estimated that next year 50-60 lakh bales of cotton can be imported, which will be the largest import in the last 100 years.
However, this time a good crop is expected in North and South India and production may increase by about 10%. Ganatra ji said that the recent decision of the government is welcome.
He said that at present CCI (Cotton Corporation of India) has a stock of 25-30 lakh bales of cotton. CCI will have to reduce its stock before the new crop arrives. Ganatra also said that if CCI reduces prices, imports will naturally decrease.
He expressed concern over the demand situation and said that there is a clear shortage of yarn buyers, which may increase pressure on the industry.
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