Home / Knowledge / News / Textiles / CITI hails CCI introducing bulk discounts for cotton sale

CITI hails CCI introducing bulk discounts for cotton sale

04
Mar '20
Pic: Shutterstock
Pic: Shutterstock
The Confederation of Indian Textile Industry (CITI) has welcomed the move by the Cotton Corporation of India (CCI) for introducing the Bulk Quantity Discount Scheme for the sale of cotton procured during the 2018-19 season, saying the decision will offer a much-needed boost to the country’s cotton Industry starved of raw cotton and facing declining export of cotton yarn.

The move will raise India’s share of world exports, CITI chairman T Rajkumar said in a statement issued in Coimbatore.

The scheme offers an attractive discount of ₹4,400 per candy on purchase of 10,000 bales a day and also ₹3,200 per candy even for a small quantity of 500 bales.

During fiscal 2019-20, the export of cotton yarn declined by more than 30 per cent due to which there was a very limited demand of raw cotton that discouraged not only cotton spinners but also CCI, which could not sell the cotton procured in that season to the tune of nine lakh bales due to drop in cotton prices, Rajkumar said.

The cotton industry has been continuously pleading with the ministry of textiles to sell the CCI-procured cotton at market-driven prices so as to have stability in the cotton market and protect the interests of the spinning mills as well and its downstream power loom and handloom sectors, which are largely dependent on domestic cotton yarn, he added.

Fibre2Fashion News Desk (DS)


Must ReadView All

Pic: Shutterstock

Textiles | On 28th Mar 2020

Worldwide lockdowns, stimulus shots, raised PPE production

The global response this week to the unfolding COVID-19 crisis saw...

Pic: Shutterstock

Apparel/Garments | On 28th Mar 2020

Vietnam may outdo Bangladesh as 2nd largest RMG exporter

Though Bangladesh is now the second-largest garment exporter...

Pic: Shutterstock

Textiles | On 28th Mar 2020

Morgan Stanley rules out economic depression

With COVID-19 badly damaging the global economy, Morgan Stanley...

Interviews View All

Jim Desai, Blaiva Fabricaa

Jim Desai
Blaiva Fabricaa

Fashion industry likely to remain labour-intensive in coming years

Abhishek Ganguly, Puma India

Abhishek Ganguly
Puma India

‘As a brand, Puma is always looking for new and innovative ways to inspire ...

Manuj Terapanthi, Texaura

Manuj Terapanthi
Texaura

Transparent supply chain and fair trade will boost sustainable market

Marcel Moser,

Marcel Moser

Switzerland-based Benninger is a leading manufacturer of technologically...

Sandip Bhojani, Manthan Patel,

Sandip Bhojani, Manthan Patel

Krypthm Tradelink LLP is a Surat-based manufacturer of westernwear....

Yariv Bustan,

Yariv Bustan

Founded in Israel in 2015, Twine Solutions is a tech start-up that has...

Ian Russell, Pireta

Ian Russell
Pireta

UK-based Pireta has developed a unique free-form process to add durable,...

Larry L Kinn, Suominen Corporation

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Shujaul Rehman, Garware Technical Fibres

Shujaul Rehman
Garware Technical Fibres

Garware Technical Fibres Ltd (formerly Garware-Wall Ropes Ltd) is a...

Sweta Agarwal, A Humming Way

Sweta Agarwal
A Humming Way

A Humming Way (AHW) is inspired by the old-world regalia of Rajasthan...

Rajesh Pratap Singh, Rajesh Pratap Singh

Rajesh Pratap Singh
Rajesh Pratap Singh

<div>Ace fashion designer <b>Rajesh Pratap Singh</b> has used Tencel to...

Sandeep and Sarah Shaikh Gonsalves, SS Homme

Sandeep and Sarah Shaikh Gonsalves
SS Homme

SS Homme celebrates the craft of traditional tailoring through the bespoke ...

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

Leave your Comments


March 2020

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


Advanced Search