India is gearing up for the 2023-2024 cotton season, set to commence on October 1st, with optimistic projections of cotton production. J. Thulasidharan, President of the Indian Cotton Federation, revealed during the federation's annual general meeting in Coimbatore city on September 24th that cotton production is expected to reach between 330 lakh and 340 lakh bales, each weighing 170 kg.

Thulasidharan highlighted that the cotton sowing for the upcoming season had already covered more than 12.7 million hectares. As the current season, concluding this month, saw 335 lakh bales of cotton entering the market, there are still 15,000 to 20,000 bales anticipated to come in, with some originating from fresh harvests in states like Karnataka and northern cotton-producing regions.

This trend is likely to persist into the next cotton season, buoyed by the Central government's decision to raise the Minimum Support Price (MSP) for cotton by 10%. Presently, market prices surpass the MSP. However, the textile industry's demand for cotton remained subdued this year, with many textile units operating below full capacity.

P. Nataraj, Vice President of the federation, noted that the import of extra-long staple cotton faced challenges in the current season due to an 11% import duty. Despite some relaxation for imports from countries like Australia and South Africa, there is a pressing need to enhance cotton yield in Indian farms by implementing best practices.

Nishant Asher, Secretary of the federation, also mentioned that while exports of yarn and finished textile goods were affected by a recessionary trend, they have recently shown signs of recovery.