The Confederation of Indian Textile Industry (CITI), in a letter to Prime Minister Manmohan Singh, has alleged that the international players are siphoning off huge amount of raw cotton from the market to increase its prices.In the present situation, traders are not interested to sell cotton to our mills because they anticipate continued increase in prices because of depleting availability,” said the CITI letter.However, the ministry feels the traders should buy cotton at an early stage to compete with international players because it is not under the Essential Commodities Act.We need to talk to other ministries as well before coming to any conclusion on cotton prices. We will also take the industry’s suggestions to take a middle path where the interests of the cotton farmers as well as spinning mills are protected,” said JN Singh, joint secretary, Ministry of Textiles.Source: Business-Standard.com
Date:6/21/2008
Source: