Traceability Mechanism In Place For Every Cotton Bale; Growth Predicted in MSME Consumption In 2023-24

New Delhi, Jun 25 (KNN) The Committee on Cotton Production and Consumption (COCPC) forecasts a rise in MSME cotton consumption from 99.83 lakh bales in 2022-23 to 103 lakh bales in 2023-24, signalling positive growth for the sector.

This increase, alongside a projected rise in non-MSME consumption, points to a robust outlook for India's textile industry.

In a key development, the Cotton Corporation of India has implemented QR code traceability for every cotton bale, enhancing transparency and quality control throughout the supply chain.

The COCPC, which met on Monday under the chairpersonship of Textile Commissioner Roop Rashi, provided a comprehensive overview of the cotton scenario for the 2023-24 season.

While overall cotton production is expected to slightly decrease to 325.22 lakh bales, down from 336.60 lakh bales in the previous season, the industry is projected to have sufficient raw material availability.

Exports are forecasted to increase significantly, rising from 15.89 lakh bales in 2022-23 to 28.00 lakh bales in 2023-24.

This surge in exports, coupled with increased domestic consumption, may lead to a tighter supply situation, as reflected in the lower estimated closing stock of 47.38 lakh bales for 2023-24.

Regional production trends vary, with the North Zone expecting an increase, the Central Zone showing slight growth, and the South Zone projecting a decrease.

These estimates provide valuable insights for stakeholders as they prepare for the challenges and opportunities in the upcoming cotton season.

(KNN Bureau)