By admin       2016-07-18

COIMBATORE, JULY 17: The intervention of Textile Ministry towards addressing the problem of spiralling cotton prices by directing the Cotton Corporation of India to sell the stocks with it directly to the small and medium spinning units has brought cheer to the consuming sector.Hailing the proactive decision ofTextile Minister Smriti Irani in this regard, the Southern India Mills’ Association Chairman M Senthilkumar said “this would bring in stability to the cotton price during the off-season; and the direction to sell the balance quantity of cotton with CCI only to the MSME spinning mills would help meet their raw material requirement.”He advised the mill sector to avoid panic buying. “Prices would soften with the availability of 43 lakh bales closing stock (estimated by the Cotton Advisory Board). Further, import of cotton from African countries and Australia could exceed 15 lakh bales as the mills have already contracted….”Thanking the Textile Ministry for the intervention, the President of the South India Spinners’ Association C Varadharajan said “it is a saving grace as quite a few units decided to defer operation as the price of the raw material had skyrocketed Rs50,000 a candy in July in three months.“Small spinners would now be able to procure cotton from CCI at rates lower than the prevailing market rate.”

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