Cotton prices in India have reached all-time highs of Rs 45,000 and since then have been rising continuously.
The rise in prices is attributed to the cut in import duty from the Indian government. Till now, 5 percent of Customs duty and 5 percent of taxes have been waived off until September 30 to ensure or allow cheaper cotton imports.
Prices in the global markets have also continued to rise. Shipments from the biggest exporter of yarn and cotton products, China declined by nearly 9 percent in March on a year-on-year basis.Hence, lower exports, lower supplies from India and the US, and strong demand will continue to drive the rise in cotton prices across the world.
