Interviews
Govt to use satellite technology for assessing cotton prospects
25 Nov '10
2 min read
Textiles Secretary Rita Menon recently revealed that, the government is to take the help of satellite technology to review the cotton prospects for this season, and also to evaluate the export policy in consideration of the soaring cotton prices.
The official revealed this information while speaking to the media after a FICCI function, where she also stated that, when the Cotton Advisory Board (CAB) meets next time, it would conduct a review depending on the satellite images and the data provided by the Ministry of Agriculture.
The CAB has been established to observe the fluctuations in the cotton and cotton yarn prices in local as well as foreign markets. The Board is expected to convene a review meeting either towards the end of the current year or at the beginning of the next year, Menon said.
Further, as droughts and massive floods have devastated sizeable crops in China and Pakistan, this has lead to a surge in the cotton prices in domestic as well as international markets.
As per the estimation, the country for the 2010-11 fiscal may register a record cotton production of 325 lakh bales, which is much above the projected demand of 266 lakh bales.
Menon stated that, considering the multiple issues that the industry is now confronted with, it seems that it may not be able to raise its exports beyond 55 lakh bales, in spite of high production.
The official revealed this information while speaking to the media after a FICCI function, where she also stated that, when the Cotton Advisory Board (CAB) meets next time, it would conduct a review depending on the satellite images and the data provided by the Ministry of Agriculture.
The CAB has been established to observe the fluctuations in the cotton and cotton yarn prices in local as well as foreign markets. The Board is expected to convene a review meeting either towards the end of the current year or at the beginning of the next year, Menon said.
Further, as droughts and massive floods have devastated sizeable crops in China and Pakistan, this has lead to a surge in the cotton prices in domestic as well as international markets.
As per the estimation, the country for the 2010-11 fiscal may register a record cotton production of 325 lakh bales, which is much above the projected demand of 266 lakh bales.
Menon stated that, considering the multiple issues that the industry is now confronted with, it seems that it may not be able to raise its exports beyond 55 lakh bales, in spite of high production.
Fibre2fashion News Desk-India
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