New Delhi, Nov. 19 The textile industry body Confederation of Indian Textile Industry (CITI) has petitioned the Prime Minister seeking a suspension of further registration of cotton export contracts up to the end of February. In a letter to the Prime Minister, CITI Chairman, Mr Shishir Jaipuria, has expressed concern over the steep hike in cotton prices in the country and called for an “immediate suspension of further registration of cotton export contracts at least up to the end of February 2010.”
“The situation can be reviewed after that, when the trends of production and consumption would be clearer and an assessment can be made if any exportable surplus is available,” Mr Jaipuria said in the letter.
The industry has complained that “speculation” by a few large international cotton traders was leading to a hike in cotton prices in the market, despite an increase in arrival of cotton in the market.
Source : Business Line