CAI reduces India’s cotton production output to 298.35 lakh bales for FY23

Mumbai, May 12 (KNN) The Cotton Association of India (CAI) has cut down the country’s cotton production estimate for the current season 2022-23 to 298.35 lakh bales of 170 kg each.

Last month, CAI had to face criticism from weaving industry organisations who questioned lowering the production, reported FibretoFashion.

CAI said that is new estimation is based on the recommendation of crop committee of 25 members who have received pressing data from 11 state associations.

Cotton prices are expected to go up to Rs 75,000 per candy of 356kg after lowering of cotton production estimates, said CAI.

But downstream industry expects that cotton prices will not see much rise because of slower demand from the developed world, more specifically from the US and Europe—the largest buyers of garments and other textiles.

Atul Ganatra, president of CAI, said in a press release that the trade body has reduced its production estimate for 2022-23 season by 4.65 lakh bales to 298.35 lakh bales.

The production may further come down by 2 lakh bales in Maharashtra and Telangana each, 0.50 lakh bales in Tamil Nadu and 0.15 lakh bales in Odisha. CAI did not revise production estimates for other major states.  (KNN Bureau)