The Cotton Corporation of India (CCI) has reduced the selling price of cotton by 2 per cent as a one-time correction. As per reports, international cotton prices rose almost 12 per cent in the last two months and dropped at the same rate. Pradeep Kumar Agarwal, Chairman and Managing Director CCI, said, however, the corporation increased its cotton prices by only 2 per cent and therefore reduced it by the same rate.

This nominal correction will give a stimulus to the textile industry as those who want to buy cotton can do so now, he added. A Sakthivel, Chairman, AEPC, said, the move by CCI was significant for the textile value chain, especially garment exporter. He appealed to textile mills to reduce yarn prices by Rs 20 a kg as cotton prices had declined.