India’s debt restructuring plan will help stimulate cotton consumption
According to analysis by industry insiders, India’s plan to restructure its debt of US$6.24 million will help improve the production efficiency of the textile industry and thus drive its domestic cotton consumption.
D. KNair, secretary-general of the Confederation of Indian Textile Industry (CITI), said that this measure will help textile companies survive the crisis caused by lack of funds.
Yesterday, the delivery price of India’s Shankar-6 ginning factory remained unchanged from the previous day, about 33,000 rupees/candy. However, due to the continued weakness of the exchange rate of the rupee against the U.S. dollar (1 U.S. dollar was worth 56.3 Indian rupees that day), the U.S. dollar quotation fell, about 74.75 U.S. dollars. cents/pound, down 0.65 cents from the previous day.
The spring sowing rate in northern India is about 80%. According to the Haryana Agriculture Department, the area sown with new flowers in Haryana is about 345,000 hectares (5.175 million acres), compared with about 450,000 hectares (6.75 million acres) in the same period last year, a year-on-year decrease of more than 23%. The state’s total cotton planting area this year is 603,000 hectares (9.045 million acres), and the area next year is expected to be 550,000 hectares (8.25 million acres), a year-on-year decrease of about 9%.
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