Major quantity of cotton likely to remain unsold: CAI

The CCI may not be able to sell a sizeable quantity of cotton at the end of the season, top officials of Cotton Association of India (CAI) said. -

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August 01, 2015 The CCI may not be able to sell a sizeable quantity of cotton at the end of the season, top officials of Cotton Association of India (CAI) said.

The Cotton Corporation of India (CCI) has procured about 87 lakh bales to provide price support to the farmers.

Unfortunately, the CCI has not been able to sell the entire quantity of cotton procured by it and looking at the pace at which the fibre is getting disposed, a sizeable quantity is likely to remain unsold at the end of the season, CAI president Dhiren Sheth said.

He said this augurs very badly for the country expressing apprehensions that a major support price operation at the beginning of the next cotton season itself is looming large.

The CAI has released its June estimate for the 2014-15 season and retained it at the same level as in the last month at 382.75 lakh bales of 170 kg each.

A faulty reserve policy of China has led to it holding today a stock equivalent to its cotton consumption of about 2 years. Although China has stopped procuring cotton from the farmers and has started giving direct subsidy to the farmers from this year, it is still sitting on a huge stockpile which now it finds hard to dispose, CAI pointed out.

India needs to learn a lesson from the mistakes that China made and dispose the cotton lying with CCI quickly so as to avoid getting into a China-like situation, it said.

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