Form of words:
New Delhi: According to the Cotton Corporation of India, India should urgently focus on increasing cotton yields as rising consumption at the world’s largest producer could soon wipe out its export surplus.
“There is a dire need to consider ways and means to increase our cotton productivity,” said Pradeep Kumar Agarwal, president of the company, at a webinar organized by the Cotton Association of India. He said the country can increase its foreign exchange earnings by increasing cotton and textile exports.
Any increase in local cotton production could potentially spell a recession for global prices, which climbed to a new decade high on Thursday due to tight supplies. India mainly exports cotton to its neighboring countries, but also imports high quality fibers for the production of premium textiles.
“The way the consumption of cotton in India is increasing and almost matching with the production, soon we will not have any surplus cotton for export,” he said. Agarwal said domestic cotton yields are lower than countries like Australia, Brazil, China and the US. He said India needs to boost its irrigation infrastructure, while providing high-yielding seeds to help growers harvest more crops from the same area.
According to Cotton Group, the country’s cotton production is estimated to be 35.45 million bales of 170 kg in 2020-21, while the domestic demand is around 33 million bales. India exported 7.7 million bales last year, mainly to its neighboring countries, as its reserves swelled during the pandemic.
Agarwal said that the government can help farmers by encouraging contract farming, facilitating farm credit at affordable rates, introducing measures to control pollution during transportation from farms to factories and ensuring assured procurement of the crop at the doorstep of the growers. can. –bloomberg
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