Mumbai, Mar 15 (UNI) A two-day International Conference on Cotton today got off to a flying start in Mumbai amid indications that India's cotton consumption would match its production and the industry has begun to encourage contract farming.
The conference is hosted by East India Cotton Association (EICA) jointly with Cotton Outlook, UK. Over 500 delegates from about 20 countries are attending the conference.
Mr S Roy, Joint Secretary - Textile, who was the chief guest at the International Conference, said, ''Over a period internal demand will be high and our own industry will be willing to pay a cost which is more than export price''. He said there was still a great potential to increase cotton production through increasing yields and better farm practices. He added that ''Many millers have come forward on their own to set up farms for development, identify new areas and are also tying up with farmers''.
A clear picture would emerge in the next cotton season. Contract farming is being planned by many in the Vidarbha area of Maharashtra and it could result in increase in production.
Textile Commissioner, J N Singh, said ''India too is on the path of becoming net importer of cotton in another 10 years''. The last three years have been extremely good for cotton producers, traders and consumers.
Cotton trade and industry have a great responsibility to ensure contamination removal and support Indian Cotton as a brand. He also highlighted the textile sector's role in continuing its investment as they have done during the last two to three years.
EICA president K F Jhunjhunwala declared his association's whole-hearted support to the process of commercial standardization of instrument testing of the commodity to bring about global uniformity. ''We also firmly affirm the sanctity of contract and adoption of good trade practices. This is essential for transparency and efficiency in cotton trade,'' he said.
Mr Jhunjhunwala pointed out that there has been a refreshing transformation of the Indian Textile industry over the past few years. The industry is now effectively facing global challenges which have emerged after the termination of the quota regime in the world cotton trade.
The textile and clothing industry has embarked on a vision of capturing market worth USD 110 billion by the year 2012 from the present USD 52 billion. To achieve this target, the textile industry has estimated total cotton requirement of 59.5 lakh tonnes by 2010 and 76.5 lakh tones by 2012. He said cotton futures is an important and effective tool for price disco very and risk management.
EICA has been making strenuous efforts for the last few years to promote cotton futures. EICA is in discussion with the Federation of Indian Commodity Exchanges to join a common trading, clearing and settlement platform which will facilitate use of technology and networking facilities of the Bombay Stock Exchange, he added.
UNI
The conference is hosted by East India Cotton Association (EICA) jointly with Cotton Outlook, UK. Over 500 delegates from about 20 countries are attending the conference.
Mr S Roy, Joint Secretary - Textile, who was the chief guest at the International Conference, said, ''Over a period internal demand will be high and our own industry will be willing to pay a cost which is more than export price''. He said there was still a great potential to increase cotton production through increasing yields and better farm practices. He added that ''Many millers have come forward on their own to set up farms for development, identify new areas and are also tying up with farmers''.
A clear picture would emerge in the next cotton season. Contract farming is being planned by many in the Vidarbha area of Maharashtra and it could result in increase in production.
Textile Commissioner, J N Singh, said ''India too is on the path of becoming net importer of cotton in another 10 years''. The last three years have been extremely good for cotton producers, traders and consumers.
Cotton trade and industry have a great responsibility to ensure contamination removal and support Indian Cotton as a brand. He also highlighted the textile sector's role in continuing its investment as they have done during the last two to three years.
EICA president K F Jhunjhunwala declared his association's whole-hearted support to the process of commercial standardization of instrument testing of the commodity to bring about global uniformity. ''We also firmly affirm the sanctity of contract and adoption of good trade practices. This is essential for transparency and efficiency in cotton trade,'' he said.
Mr Jhunjhunwala pointed out that there has been a refreshing transformation of the Indian Textile industry over the past few years. The industry is now effectively facing global challenges which have emerged after the termination of the quota regime in the world cotton trade.
The textile and clothing industry has embarked on a vision of capturing market worth USD 110 billion by the year 2012 from the present USD 52 billion. To achieve this target, the textile industry has estimated total cotton requirement of 59.5 lakh tonnes by 2010 and 76.5 lakh tones by 2012. He said cotton futures is an important and effective tool for price disco very and risk management.
EICA has been making strenuous efforts for the last few years to promote cotton futures. EICA is in discussion with the Federation of Indian Commodity Exchanges to join a common trading, clearing and settlement platform which will facilitate use of technology and networking facilities of the Bombay Stock Exchange, he added.
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