Home / Knowledge / News / Textiles / Spinning mills have reason to cheer
Spinning mills have reason to cheer
09
Feb '09
Spinning mills have reason to cheer on hearing the decision of the Union cabinet to offload cotton stocks held by the Cotton Corporation of India (CCI), at subsidized rates. The CCI has been the biggest purchaser of cotton in the new cotton season, which saw Minimum Support Prices (MSP) of cotton being raised by 25-40 percent.

The decision of the cabinet was based on the huge inventory of cotton lying with CCI, purchased at a price, higher than those prevailing in international markets. The proposal to sell bulk buyers of cotton at discounted rates is practiced by the Maharashtra State Cooperative Cotton Growers Marketing Federation.

Trade bodies including the Confederation of Indian Textile Industry (CITI), have been demanding for a long time that CCI, start offloading its stocks in the Indian markets at internationally competitive rates, to avoid a situation of artificial shortages in the market. CCI is expected to sell cotton at subsidized rates, once it receives the notification from the government.

The cabinet has approved a budgetary grant of Rs 5,000 million to the CCI to compensate against the losses incurred by it, in selling the cotton at subsidized prices. CCI had purchased the cotton at MSP, while the international prices were ruling at a discount to the MSP at that time. CCI has so far purchased 6.7 million bales (1 bale=170 kg) of the white gold in the current cotton season.

Fibre2fashion News Desk - India

Must ReadView All

Courtesy: Li & Fung

Textiles | On 24th Mar 2017

Li & Fung forms new supply chain partnership with PVH Corp

Li & Fung Limited, the world's leader in consumer goods design,...

Courtesy: Alizilla

Apparel/Garments | On 24th Mar 2017

Alibaba's eWTP finds first overseas base in Malaysia

In a step towards using the internet to bring small businesses around ...

Textiles | On 24th Mar 2017

BJMC to produce cotton-jute blended denim fabrics

To meet demand from the market, Bangladesh Jute Mills Corporation...

Interviews View All

Cyril Pereira
Reed Exhibitions India, organiser of Asian Machine Tool Exhibition 2016

'Major problem in the textile machinery manufacturing industry is the lack ...

Mukesh Agarwal & Rajesh Agarwal
Madhuram Fincap Pvt Ltd

Increasing prices and lack of demand main issues facing industry

Sonia Agarwal
Whitenife

‘The terms eco-friendly and organic are common but everyone perceives them ...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Marcel Alberts
Eurofibers

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

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
March 2017

March 2017

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

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search