The export of 5.5 million bales of cotton from India during the early part of this cotton year has created an artificial cotton shortage in India, said Shishir Jaipuria, Chairman of the Confederation of Indian Textile Industry (CITI). In the statement released by CITI on May 31, it was reported that cotton textile spinning mills have decided to continue with the voluntary production slash of 33-40% from June 1 until the stock situation improves.
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| Indian cotton exports during the early part of this cotton year have created an artificial cotton shortage in India (Image source: Cotton Incorporated) |
The recent one-day strike by Indian spinning mills on May 23 and the subsequent production reduction has resulted in a loss of 600 crore rupees.
Mr Jaipuria stated that the CITI has requested no further export of cotton until the arrival of next year's crop.
CITI has demanded urgent steps from the Indian Government to address the crisis situation that the spinning mills and the entire textile value-chain are facing.
However, the fate the cotton exports is likely to be decided on June 2, when the Group of Ministers from the Ministries of Finance, Agriculture, Textiles and Commerce are expected to convene, according to a recent news report on The Hindu.
Source: ATA Editorial Team
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