| Pune |September 25, 2020 12:35:10 am
Bangladesh is a vital marketplace for Indian cotton, with the nation importing round 25 to 30 lakh bales per 12 months. Non-public merchants nook exports; this is able to be the primary time CCI is attempting to enter the export market instantly.
In a first-of-its-kind deal by India for any nation, Cotton Company of India (CCI) is eyeing an vital contract that may enable it to instantly export round 10 to 15 lakh bales (every bale weighing 170 kg) of cotton to Bangladesh. This could enable the federal government to instantly export cotton to a different nation.
Bangladesh is a vital marketplace for Indian cotton, with the nation importing round 25 to 30 lakh bales per 12 months. Non-public merchants nook exports; this is able to be the primary time CCI is attempting to enter the export market instantly. PK Agarwal, chairperson-cum-managing director (CMD), CCI, stated the contracts had been within the last phases with governments of each international locations actively negotiating the offers.
“If CCI is ready to nook round 50 per cent of the exports to Bangladesh, it is going to be a milestone for the organisation,” he stated.
For 2019-20 (October-September) cotton 12 months, CCI ended up procuring 115 lakh bales out of 310 lakh produced within the nation. An enormous stock had threatened to overshadow the upcoming cotton season later this 12 months. Agarwal stated CCI had been in a position to offload round 58 lakh bales of the stock it held.
“Round 20 per cent of the shares was procured by MNCs (multinational company) who may need exported it additional,” he stated.
With preliminary estimates pointing to a different bumper crop, there are fears of a “massacre” at cotton mandis. Pradeep Jain, founder president of Khandesh Press/Gin Homeowners and Merchants Improvement Affiliation, stated the following cotton season would begin with a carryover inventory of 100 lakh bales.
Estimates by totally different sources have pegged India’s manufacturing to be round 400 lakh bales for the brand new season. “The elevated manufacturing however, the lockdown-induced slowdown within the sector will make it close to inconceivable the personal merchants to pay the government-declared MSP (minimal assist worth) to farmers,” he Jain stated.
For this season, the government-declared MSP for medium staple kapas (uncooked unginned cotton) is Rs 5,515 per quintal, whereas that of lengthy staple is Rs 5,825. Market sources really feel the common traded worth of the lint crop will be as little as Rs 4,500 and would possibly rise to round Rs 5,100 within the season.
The position of CCI in such a state of affairs assumes significance as the federal government physique procures FAQ cotton at MSP. Whereas Agarwal stated the company was prepared with its procurement plans, many in commerce and farmer our bodies weren’t as assured. “The CCI’s procurement can nicely be over 200 lakh bales this 12 months,” stated a commerce supply.
Farm chief Vijay Jawandiya has requested for procurement centres in Maharashtra to start operations from Dussehra to forestall misery gross sales by farmers.
For all the most recent Enterprise Information, Maintain Visiting Our Web site.
e financial express bd,financial express economy,thedailystar bd,financial express trade,new age epaper,financial express newspaper price per day