Extend cotton export limit, says federation

Yavatmal, Feb 15 (PTI) Maharashtra State CottonGrowers Cooperative Marketing Federation today demanded thatthe Centre review the status of surplus cotton bales andextend the deadline and quantity for export.

The Union Textile Ministry has imposed a restrictionon export of cotton bales beyond 55 lakh bales till February28. However, in view of expected bumper harvest this year, theGovernment should extend the deadline and quantity of export,Federation Chairman N P Hirani said here.

The country could export only 35 lakh bales so far andbefore the deadline, it is rather impossible to achieve thetarget of 55 lakh bales, he said.

At present the global market rate is Rs 74,000 percandy, while in India it ranges from Rs 55,000-60,000 percandy. The cotton has been purchased at a record price of Rs6,500 per quintal and the current market trend indicates thatit may go up to Rs 7,000 per quintal, Hirani said.