Business   

High cotton prices hit textile mills

COIMBATORE: With an estimated 315 lakh bales of cotton production in 2007-08 (October-September), India will be the second largest cotton producer in the world this year too. Yet, the domestic textile sector is hit by spiralling cotton prices.

“Because of huge exports, cotton prices in the current season have surged to unreasonable levels,” says B. K. Patodia, former chairman of Southern India Mills’ Association (SIMA)

The Cotton Advisory Board estimates domestic cotton consumption (mill and non-mill) this year to be 241 lakh bales. And, exports are expected to be 85 lakh bales. The closing stock this year is likely to be 43 lakh bales. Mr. Patodia appealed to the Centre to levy five per cent export duty on cotton or remove the import duty.

Printer friendly page  
Send this article to Friends by E-Mail

Stories in this Section

Sterlite to buy operating assets of Asarco for $2.6 b
High cotton prices hit textile mills
Tata Steel achieves a major milestone

Copyright © 2008, The Hindu. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu