Cotton price on record high as textile industry seeks ban on cotton export

Cotton prices have reached record highs. In Gujarat's Rajkot, the bid was Rs 13,405 per quintal. A year ago, the same price was Rs 7,000. From a farmer's point of view, high price for cotton is a good thing. Because the price of cotton has doubled in a year. But on the other hand, the rise in cotton prices has made clothes more expensive and this is affecting the pockets of consumers. Rising cotton prices have created a major crisis for the textile industry. Raw material prices have risen. Expenditure on raw materials has doubled in the textile industry. Last year in May, 48,000 rupees had to be paid for a candy cotton and this year the price has reached 95,000 rupees.

Cotton has become more expensive all over the world this year and the rise in crude oil prices has also pushed up the prices of synthetic fibers.

At the local level, production is expected to be lower this year than previously thought. Earlier, it was estimated that the country would produce 343 lakh bales of cotton. But now it has been reduced to 335 lakh bales. Cotton demand is expected to increase this year after the end of the Corona lockdown. Last year, 335 lakh bales of cotton were sold and this year, it is estimated to be 340 lakh bales. If the remaining 75 lakh bales of last year’s cotton is mixed, the local demand can be met. But cotton exports have raised concerns in the textile industry. The country has exported 35 lakh bales of cotton since the arrival of new consignment in October till the end of March.