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South Indian hosiery makers seek ban on cotton exports
24
Jun '13
Seeking stability in yarn prices, the South India Hosiery Manufacturers Association (SIHMA) has urged the Centre to ban cotton exports and also direct the Cotton Corporation of India (CCI) to discontinue selling cotton online.
 
In representations to the Union Agriculture and Commerce Ministries, SIHMA President AC Eswaran said in view of the rise in yarn and cotton prices over the past few weeks, it has become necessary to ensure sufficient cotton availability for domestic market, the Hindu reported.
 
Ban on cotton export would facilitate enhanced availability of cotton for domestic consumption till start of the next cotton season in October and also help in checking yarn and cotton prices, he added.
 
He also suggested that the CCI should facilitate direct sale of cotton to domestic buyers, rather than indulging in online cotton sales.
 
The move would ensure sufficient availability of cotton to textile mills for yarn production, and would also help in stabilizing the yarn prices, Mr. Eswaran said.
 
Driven by depreciation in value of Indian rupee against US dollar, there has been steep rise in cotton exports from the country in recent weeks, which has led to a sharp rise in cotton prices in India’s domestic market. 
 
In the past month, prices of benchmark Shanker-6 variety of cotton have risen by around Rs. 1,500 per candy of 356 kg to Rs. 41,000 per candy in local markets, according to traders.
 
The Indian rupee was trading at around Rs. 60 per 1 US dollar on June 22.
 

Fibre2fashion News Desk - India

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