By admin       2017-02-17

India's cotton imports have been increased 20% since October following fears of lower supply due to demonetisation. However, with more cash being injected into the economy, crop arrival has improved significantly, particularly in Gujarat. Atul Asher, honorary secretary, Indian Cotton Federation, said Indian traders and mills had contracted imports of 7 lakh bales (one bale is 170 kg) in the five months since October 1, 2016, the start of the cotton year. “This is higher by 20% over the same period of the previous year.Total cotton imports for 2016-17 will not be less than the previous year,“ Asher said. Cotton prices were at record before the harvest of the new crop. It had fallen to Rs 38,000 candy as the new harvest hit the market and was Rs 39,000candy at the time of demonetisation. Currently, cotton prices are at Rs 43,000candy and are expected to decline to Rs 41,000candy in the next month or two. The Cotton Association of India has projected India's 2016-17 cotton production to be 341 lakh bales, while the Government of India has pegged it at 321 lakh bales.

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