Indian cotton production to be 6% lower this year

The total consumption by textile mills is expected to be 294 lakh bales compared with 295 lakh bales last season

Updated - November 07, 2023 07:02 pm IST - COIMBATORE

Representational file image. File

Representational file image. File | Photo Credit: Nagara Gopal

Cotton production during 2023-2024 cotton season is expected to be 6% lesser than the season that ended on September 30.

The Committee on Cotton Production and Consumption, which met on November 6, estimated cotton production in the current season (October 2023 to September 2024) to be 316.57 lakh bales (170 kg each) as against 336.60 lakh bales in 2022-2023.

The total consumption by textile mills is expected to be 294 lakh bales compared with 295 lakh bales last season. Exports are likely to be 25 lakh bales and imports 12 lakh bales. The committee projects production to be lower in the central (Gujarat, Maharashtra, and Madhya Pradesh) and southern zones (Telangana, Andhra Pradesh, Karnataka and Tamil Nadu).

Cotton production is affected by pink bollworm and inadequate monsoon in many parts, said Atul Ganatra, president of the Cotton Association of India. According to Nishant Asher, secretary of Indian Cotton Federation (ICF), the main issue this year will be demand and not supply. The daily arrivals to the market at present is 70,000 to one lakh bales. Currently, Indian cotton prices are on a par with the international prices. If the international prices decline, Indian cotton will become expensive. This will hit the domestic textile industry further, he said.

The International Cotton Advisory Committee said in a press release on November 1 that global cotton production in 2023-2024 is expected to be higher 3% (25.42 million tonnes) and consumption lower by 0.43 % (23.35 million tones), thus resulting in global stocks seeing 10% jump.

“Cotton prices will remain low because global demand for textiles and clothing is very low,” said J. Thulasidharan, president of the ICF.

The price of Shankar-6 variety of cotton on Monday, November 7, was ₹56,500 per candy.

Cotton Corporation of India Chairman and Managing Director Lalit Kumar Gupta said its officials were present at all procurement centres and will ensure that farmers get the minimum support price. “Price is subject to many factors, including domestic and international inventory,” he said.

0 / 0
Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in

Comments

Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.