Wed Nov 01 2017
(Source: fibre2fashion.com): The Indian Cotton Federation (ICF) has urged Prime Minister Narendra Modi to direct Cotton Corporation of India (CCI) to procure a minimum of 100 lakh bales as a record crop of 400 lakh bales is expected this season. This cotton should be sold directly only to textile mills, which would help maintain stable prices throughout the year, ICF said in its letter.
lndia has retained its position as one of the world's largest cotton producers for the third consecutive year. Sound cotton prices prevailed in the last three years and poor returns from alternative crops has encouraged many lndian farmers to grow more cotton, a news agency quoted the ICF memorandum as saying.
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. A monitoring mechanism should also be set up to ensure that cotton prices do not dip and are around the minimum support price decided by the government, ICF added. - fibre2fashion.com (Source: commodityindia.com)