Cotton prices have softening falling, says Upendra Prasad Singh, Textiles Secretary as the ministry gears up to introduce the PLI 2.0 for the textile industry During April-February 2022, India’s cotton exports increased 57.6 per cent to $9.9 billion compared with $6.3 billion in the full financial year 2020-21. RMG exporters are demanding a ban on cotton exports as rising prices are causing a severe liquidity crisis, delaying their shipments by over 15 days, as per a News 18 report.
The Indian cotton-based textile industry is facing a crisis on the cotton front as the fiber prices increased from Rs 44,500 per candy in February 2021, when an 11 per cent import duty was levied on cotton, to Rs 90,000 per candy in March 2022. This steep rise in cotton prices is proving a major obstacle in the potential growth of the cotton textile value chain in India.
