K.N. Viswanathan, Secretary of South India Cotton Association (SICA) has informed that it is in talks with banks to provide loans for cotton purchase with some of them already having programmes for it.
On the production front, he informed that production was expected to reach 270 lakh bales this year. 75, 000 bales of cotton was coming daily and it was expected to reach two lakh bales by January end.
The mills consumed 67, 000 bales a day and mills generally keep two to three months stock. With the arrivals increasing and mills having to enhance stocks, financial assistance is needed to suck up the surplus crop.
India has six crore cotton farmers and the programme will benefit all of them said Viswanathan. This agricultural finance package would differ from client to client and from bank to bank.
marketing@alchempro.com
