NEW DELHI: Prabhu Damodaran, secretary of Indian Texpreneurs Federation, told that every cotton year (October to September), price of cotton starts going up after the picking season.
When the industry needs cotton and when the arrivals have come down in the market, the prices shoot up. This year, the prices have already gone up though arrivals continue to be high in the market and it is just two months since the new cotton season began.
Instead of deciding to go in for imports at a later time, “This year, we plan to monitor the domestic and international prices regularly and import cotton when the prices are viable,” he said. The mills will be entering into individual contracts for the imports.
However, it will be a joint decision.
This will benefit the mills as they will have adequate cotton when there is a need and they would have purchased it at viable price levels.
