India is expected to see production of 330 lakh to 340 lakh bales (each 170 kg) of cotton in 2023-2024 cotton season that begins on October 1, said J. Thulasidharan, president of the Indian Cotton Federation, in Coimbatore city on September 24 (Sunday).
He said at the annual general meeting of the federation that sowing had crossed 12.7 million hectares. In the current season that would end this month, 335 lakh bales of cotton had arrived in the market and even now, with just a few more days for the season to end, 15,000 to 20,000 bales were coming to the market. Some of it was new harvest from Karnataka and the northern cotton growing States.
The trend may continue during the next cotton season. The Central government has increased the Minimum Support Price (MSP) for cotton by 10 % and at present the market prices are above the MSP. The demand for cotton from the textile industry was low this year and most of the textile units functioned at less than optimum capacity, he said.
According to P. Nataraj, vice president of the federation, import of extra long staple cotton was affected this season due to 11% import duty, though there was partial relaxation for imports from Australia, South Africa etc. There is a need to increase the yield in the cotton farms in India by adopting best practices.
Secretary of the federation Nishant Asher said export of yarn and finished textile goods though affected by recessionary trend had seen a revival recently.
