The cotton season (October 2019-September 2020) has ended with a closing stock of more than 100 lakh bales of cotton, according to the Committee on Cotton Production and Consumption. Textiles Commissioner Roop Rashi held a virtual meeting of the committee recently to discuss the balance sheet for 2018-2019 and 2019-2020 seasons. It had been estimated that the closing stock for the 2019-2020 season would be 105 lakh bales. The total production in 2019-20 was expected to be 357 lakh bales and imports, 16 lakh bales. Cotton consumption by textile mills was 228 lakh bales as against 274 lakh bales the previous season (2018-2019). Exports were close to 50 lakh bales.“With larger production this season and high carry-over stock, prices will fall and the Cotton Corporation of India will be buying huge quantities,” J. Thulasidharan, president of Indian Cotton Federation, said. It is learnt that the CCI officials were present at the markets in some northern States on Thursday, the first day of the 2020-21 season, to purchase cotton in case the prices had gone below the MSP.Internationally, cotton stocks are high with drop in consumption because of the COVID-19 impact. Further, prices of man-made fibres have also fallen steeply and many textile units have switched over to these fibres.The government should come out with standards for Indian cotton so that the quality improves and the international market expands, he said.
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