Home / Knowledge / News / Textiles / Indian Cotton Federation to devise a standard contract
Indian Cotton Federation to devise a standard contract
Sep '11
Indian Cotton Federation (ICF), earlier called the South Indian Cotton Association (SICA), is now devising a standard contract for cotton as majority of the issues related with cotton trade are common.

The newly appointed President of the Association J Thulasidharan and Vice President KN Vishwanathan informed that the contract, which is to include norms related to local as well as international trade in Indian cotton, would be finalized only after consultations with all leading stakeholders and regional associations.

The duo said that negotiations are being carried out in majority of default matters, and all adjudication would be governed by the Indian Council of Arbitration and other laws applicable.

Terming the current year as a year of defaults, the office-bearers said major fluctuations in cotton prices at the start of the year resulted in an exceptional rise in the number of defaults by both sellers and buyers.

The price of cotton surged to historic Rs. 63,000 per candy (1 candy = 356 kg) during February to April 2011 and then, following the international price movement, it plummeted to Rs. 30,000 per candy within just a few weeks time.

As the prices plunged all of a sudden, several buyers refused to accept delivery of cotton at the contracted price, SICA Secretary A Ramani said.

The default volume in private trade alone was tagged at about 500,000 to 600,000 bales, C Soundarajan, the retiring President of SICA said and added that the situation has spurred a necessity for formulation of a common contract for Indian cotton.

Fibre2fashion News Desk - India

Must ReadView All

Courtesy: Ikea

Textiles | On 26th Apr 2017

Ikea’s product sourcing from India to double by 2020

Ikea, the global home furnishing giant from Sweden, plans to double...

Textiles | On 26th Apr 2017

CITA to add insufficiently available fabric in CAFTA-DR

The Committee for the Implementation of Textile Agreements (CITA) has ...

Courtesy: SKF

Textiles | On 26th Apr 2017

SKF brings predictive maintenance for machinery to India

SKF India, a global supplier of bearings, seals, mechatronics,...

Interviews View All

Sunil Kumar Sharma
Loknayak JPNSSSG Ltd

'The blend of cotton–linen yarn has high demand in the domestic and...

Vasanth Kumar
Max Fashion India

‘Traditional high-street retailers are now willing to offer franchisees to ...

Sanjay Yagnik
Maa Tex Speciality

‘We suggest reducing dosage of sizing chemicals to reduce sludge...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Marcel Alberts

Coating at a fibre level is a practice not usually seen in the...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Robert Brunner

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies


news category

Related Categories:
April 2017

April 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Browse Our Archives


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search