The Ministry of Textiles (MoT) has said that the cotton prices have started softening.
In an interview with CNBC-TV18, UP Singh, Textiles Secretary,said that 5-7 lakh bales of summer cotton are expected to come in, which will further help soften prices. He also said that cotton exports have seen a growth of 10-12 per cent approximately.
The official further added that raw cotton export is not feasible right now.
Notably, India’s cotton exports increased to US $9.9 billion in April-February FY ‘22, compared to US $6.3 billion in FY‘21. In April 2022, exports were up 57.6 per cent to US $52.5 million from a year-ago period.
Earlier, Textile Secretary had also said that the ban on cotton exports now is unlikely to serve any purpose.
Just a few days back, the prices of cotton and yarn were at a 11-year high. A candy cotton (356 kg) costs Rs. 1 lakh as against Rs. 40,000 in October 2020.
Time and again, the Indian apparel industry has been urging to take steps to control the unprecedented hike in cotton and cotton yarn prices. The Government recently formed an advisory committee also on the issues related to cotton.
