Taking note of the sudden and abnormal price hike of cotton in the country, the office-bearers of South India Spinners Association (SISPA), stressed that the Indian Government should interfere and make sure that no hoarding of cotton takes place.
On behalf of SISPA’s President J.Selvan, Jagadeesh Chandran the Honorary Secretary of the association said this price-hike occurring during the October period is unprecedented. Last month, cotton prices were prevailing around Rs.55,000 to Rs. 56,000 per candy and people in the industry expected that it would get about Rs. 50,000 per candy during November which is when the new cotton season starts.
But in the last few days, the prices kept increasing like Rs.1000/day and now it is somewhere around Rs.63,000 to Rs.64,000 per candy.
He added that no mills have big stocks and CCI has no stocks. Everyone in the industry has been puzzled by this steep and surprise hike in the cost of cotton. Hence, he said that SISPA pleads the Indian Government to interfere and prevent/stop the hoarding of Cotton by big players like MNCs or other entities.
He cautioned that if this is allowed to continue, it would only affect all the stakeholders. Exporters would not be able to keep up their commitment, and this would affect India’s value in the international arena. Hence SISPA requested the govt. to intervene immediately. SISPA alerted the govt. that if the price increase continues it would affect the customer who is none other than the common man.
Venkatesh, Vice President and Vijay Kumar, Treasurer, SISPA were present during the occasion.