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CITI Chairman appeals for smooth cotton trade

09
Mar '12
The textile industry is surprised to note that both cotton traders and ginners have brought the cotton trade to a stand-still, creating serious problem for the farming sector.

In a statement issued, Shri S.V. Arumugam, Chairman, Confederation of Indian Textile Industry (CITI) stated that in anticipation of declining cotton prices because of restriction on export, traders and ginners seem to have adopted a strategy of not buying raw cotton (kapas) and they are also hoarding their existing stocks without selling them in order to create an artificial shortage in the market.

This would further reduce the income of cotton farmers which will create long term problems for the textile industry, in addition to cotton farmers themselves.

Shri S.V. Arumugam has requested the textile mills all over the country to accelerate their purchase of cotton from the farmers as well as from ginners and traders in order to ensure that the trade flows do not get obstructed and no additional hardship is caused either to farmers for selling their cotton or to mills in accessing cotton.

CITI Chairman has also appealed to traders and ginners to purchase cotton from farmers and release all their stocks to the market for ensuring a smooth operation of trading activities for the betterment of all concerned.

Shri S.V. Arumugam also stated that he has requested the associations of mill-owners to advise their members to accelerate buying of cotton in this context.

Confederation of Indian Textile Industry (CITI)


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