By our Commercial Correspondent
New Delhi, June 26 (IVC) Cotton consumption in the country by the textile industry in the current marketing season (October 2023 to September 2024) is one of the highest , according to a press release of the Ministry of Textiles .
The third meeting of the Committee on Cotton Production and Consumption for this season was held on June 24, the Textile Commissioner, Roop Rashi said. This year will be the second highest consumption in 10 years with demand of about 307 lakh bales, including 103 lakh bales from the MSME textile units, he added.
Cotton production this season is expected to be 325.22 lakh bales, imports 12 lakh bales and exports 28 lakh bales. The season is likely to end with 47.38 lakh bales as closing stock. The industry stakeholders said current Indian cotton prices are higher than international market prices and are unlikely to rise further aand the textile mills are operating at 75-80 capacity, the oress release said.
