The India Government Will Only Allow Excess Cotton Exports.
On Saturday, India's Federal Minister of Commerce Dr Rahul Khullar said there were only remaining.
cotton
It is allowed to export, so domestic
textile industry
It is possible to make full use of domestic cotton.
After an open meeting between the India export organization (FIEO) and the India chamber of Commerce and industry (FICCI), Dr Khullar said at a press conference that the Ministry of Commerce and industry must balance the interests of farmers and industries.
The spinning (Textile) industry has been calling for a ban on cotton exports so as to leave enough cotton sources for domestic industry.
On the other hand, growers and traders want to allow cotton exports because the price of the international market is very attractive, and the recent floods in Pakistan, crop production greatly reduced, China's cotton production is also far lower than expected.
India
The spot price of cotton has surged from 31000 rupees / candy a month ago to 34300 rupees / candy (356 kg).
Dr. Khullar said the Ministry of Commerce, the Ministry of agriculture and the Ministry of textiles will hold a meeting. After that meeting, the government will assess cotton production and domestic textile industry demand.
Only excess cotton is allowed to export.
Textile industry sources said that the latest data from the Cotton Advisory Committee showed that the stock available in India was 4 million bales, with 3 million 200 thousand bags per textile mill and 800 thousand Cotton Corp Cotton Corp inventory.
At present, the available stocks are not enough to last for several months.
On the other hand, the earliest arrival time of new cotton arrived in early November.
The textile industry said that the government should at least clearly state that cotton exports will not be allowed until December.
As the government also allows export of cotton waste, prices are rising.
The price has risen from 43 rupees / kg two weeks ago to 58 rupees / kg.
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