There will be no shortage of cotton during the ongoing marketing season 2018-19 (that ends on September 30) despite an all-time low yield, the Confederation of Indian Textile Industry (CITI) has said. Based on the actual data collected from cotton growing areas, CITI has revised cotton crop estimate for the current season to 343 lakh bales of 170 kg each. “Drought in many cotton growing regions of Gujarat, a few regions of Maharashtra and a few areas in other cotton growing States has affected cotton yield,” CITI Chairman Sanjay K Jain said.
Explaining that there would be no shortage of cotton, Jain said, “Though we have a smaller crop size this year in comparison to last year, the cotton supply position is very comfortable with a big ending stock of 40 lakh bales. Thanks to a big opening stock, smaller exports and large imports, the production deficit is well covered. CCI has also started selling its stock, which will further increase liquidity in the cotton market.” “CITI is fully confident that India will have no shortage of cotton in 2018-19 despite an all-time low yield,” he added. For the next season, Jain said the highly remunerative prices during the current season and the normal monsoon projection for the months ahead would induce Indian farmers to prefer to grow more cotton.