The Chairman of the Indian Cotton Federation, J. Thulasidharan, stated that in the 2023/24 fiscal year starting from October 1st, India’s cotton production is expected to reach 33 to 34 million bales (170 kilograms per pack).
At the annual conference of the Federation, Thulasidharan announced that over 12.7 million hectares of land had been sown. In the current year, which will expire this month, approximately 33.5 million bales of cotton have entered the market. Even now, there are still a few days left for the current year, with 15-2000 bales of cotton entering the market. Some of them come from new harvests in the northern cotton growing states and Karnataka.
India has raised the Minimum Support Price (MSP) for cotton by 10%, and the current market price exceeds MSP. Thulasidharan stated that there is little demand for cotton in the textile industry this year, and most textile factories have insufficient production capacity.
Nishant Asher, the secretary of the federation, stated that despite the impact of economic recession trends, exports of yarn and textile products have recently recovered.
Post time: Oct-07-2023