Nagpur: Staring at losses due to the drought , cotton farmers in Vidarbha hope the govt does not extend the duty-free imports regime beyond Oct 31, so that their produce fetches a better price in times of a falling yield. Cotton is expected to reach the market by mid-Oct.
Cotton imports have been made duty-free till Oct 31, and the textile lobby is pressing for an extension so that the raw material is available cheaper.
If import is easier, the domestic rates would come down at a time when the cotton yield has shrunk considerably, farmers and experts told TOI. The industry claims that higher prices of cotton would lead to mills shutting down. If the duty-free imports are extended, farmers’ worst fears would come true.
Vijay Jawandhia, a veteran activist, said the global prices according to the Cotlook index are at 89 cents per pound. there are countries which are expecting a bumper yield While the crop in India may get affected due to the drought.
If the imports are duty-free, foreign cotton would flood the Indian markets, bringing down domestic rates, said sources in international trade. A week ago, it touched close to a dollar and now the trend is bearish, he added. You Can Also Check: Gold Rate in Nagpur | Silver Rate in Nagpur | Bank Holidays in Nagpur | Public Holidays in Nagpur | Petrol Price in Nagpur | Diesel Price in Nagpur | CNG Price in Nagpur | LPG Price in Nagpur