More Than 5000 Cotton Merchants In India Hold A Two Day Strike.
More than 5000 cotton gimers from the India plan to hold a two day strike on Tuesday to protest the decline in the lowest supporting prices and export distribution. A former Minister of Gujarat in India said that any adjustment in the minimum supporting price of cotton will fight cotton growers' confidence in planting cotton. The appropriate minimum supporting price is very important for stabilizing cotton growers.
The cotton mill has called for a two day strike starting today to protest against the government's raising the minimum price of cotton support by more than 40% and the decline in export distribution. The minimum supporting price of cotton is 575 rupees /20 kg. Exports are expected to drop to 150 thousand packages, with exports of 1 million 300 thousand packages in the same period last year, as a result of the global market downturn. Industry insiders say cotton prices have dropped to about 22000 rupees / bags in the international market, and the production cost of cotton has risen to about 240000 rupees / bags, which is due to the higher cotton minimum supporting price.
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