The Union Ministry of Textiles’ Committee on Cotton Production and Consumption (COCPC) has projected India’s cotton consumption to dip by a little more than 8 per cent owing to the latest COVID-19 wave and the subsequent lockdowns in several states.
The Government of India’s top cotton crop assessment body has reduced cotton consumption for season 2020-21 (October to September period) from 330 lakh bales (each of 170 kg) to 303 lakh bales, primarily due to the current lockdowns as the severe second wave of Covid has gripped the entire nation.
The estimated cotton closing stock has been increased from the earlier projected 98.79 lakh bales to 118.79 lakh bales at the end of the season on September 30, 2021.
The COCPC, which was formed in September 2020 replacing the erstwhile Cotton Advisory Board (CAB), has also curtailed the projected cotton output for the season from the earlier estimated 371 lakh bales to 360 lakh bales.
While cotton imports are estimated to remain stable at 11 lakh bales for the year, exports are likely to take a hit from earlier projections of 75 lakh bales to 70 lakh bales.