The Indian Cotton Federation (ICF) has urged the union government to direct the state run Cotton Corporation of India (CCI) to procure 100 lakh bales ( a bales is 170 kgs) as a record bumper crop is expected during the 2017-18 season (October-September). ICF stated that this cotton should be sold directly only to textile mills, which would help maintain stable prices throughout the year.
CCl should be advised to act as a voltage stabilizer for prices by procuring cotton during the peak season and making it available to consuming mills during the lean season to support farmers' sustenance in cotton and to double their income, the federation said.
With a record crop of 400 lakh bales estimated for the 2017-18 season, India the biggest producer of Cotton has retained its position as one of the worldâ€™s largest cotton producers for the third consecutive season, mill consumption will be around 300-310 lakh bales, ICF noted.
Due to the oversupply in domestic and global markets and due to liquidity issues, there would not be sufficient buyers in the lndian market which would affect the Indian cotton farmer very badly, said ICF.
About 70% of the Cotton is brought to the market by farmers between November and February. The value of this cotton would be about Rs 58,300 crore.
The ICF further said that boosting Cotton exports by incentives or other means would only bring negative impact as it would bring down global Cotton prices, which would further affect domestic market prices and also increase in import of Cotton,
Sound cotton prices prevailed in the last three years and poor returns from alternative crops has encouraged many lndian farmers to grow more cotton. Cotton sowing has reached a record high of 122.6 lakh hectares in the country during the just concluded kharif season on the back of good rainfall in key growing regions.
According to lnternational Cotton Advisory Committee's (ICAC's) latest report, a similar situation is expected in other Cotton growing countries, resulting in 75% surplus cotton globally for 2017-18.
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