Heavy spells of rain in the Saurashtra region of Gujarat are believed to have damaged this year's cotton crop, whose prices are expected to shoot up due to low harvest.
Many farms in Saurashtra and Junagadh, two major cotton hubs in Gujarat, have reportedly been flooded due to the massive downpour.
As a result, cotton traders have estimated a fall in this year's cotton output, which they estimate to be around 1.1 crore bales (170 kg each), a significant fall from the earlier record of 1.3 crore bales.
Reliable sources told Fibre2fashion that in all likelihood, floods will result in a shortfall this year, which will be in sharp contrast to the record production in 2006.
Another source added that cotton prices, which were hovering at Rs 20,500/350 kg, may further increase by Rs 500 in the next few days due to bad weather and the resultant crop damage.
Around 23 lakh hectares in Gujarat, with 14 lakh hectares of Bt cotton, 5 lakh hectares of staple and the rest accounting for local varieties, are currently under cotton cultivation.
Fibre2fashion News Desk - India
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