Conference in Coimbatore to discuss cotton scenario

The conference is likely to be attended by around 400 persons, including cotton ginners, traders, and textile industry representatives. Participants will discuss cotton area, demand, supply and price situations, and sustainable management practices, P Nataraj, chairman of the conference and ICF vice president told reporters.

The cotton price fluctuation during April to June adversely affected the entire textile value chain; this and some other issues like financial constraints for purchase of cotton would be discussed at the conference, Nataraj said.

Unavailability of exact data on consumption and supply of cotton, particularly in the initial period of the cotton season was a major reason for price fluctuation, said ICF president J Thulasidharan.

He said there was a need for funds to the tune of Rs 50,000 crore, annually, for ginners and spinners to buy and stock cotton at the beginning of the season, which was done by multinational companies, leading to speculation. Situation would be easy for the stakeholders if the banks came forward to provide funds at a reasonable interest rate of 7 per cent, he added.

Nataraj suggested that the Union government should come out with an export policy for cotton. (RKS)

ALCHEMPro News Desk – India