The chairman of the Indian Cotton Mills Federation (ICMF), D.Laxminarayanswamy, said the continued hike in cotton prices will have a deleterious impact on the textile mills. He pointed out between March 1997 and mid-May 1997, cotton prices have flared up by Rs.1,100 to Rs.2,400 per candy regarding major cotton varieties.
The textile industry has expressed deep concern about an acute shortage of quality cotton in the country. Over the years, the industry has been witnessing deteriorating trend in the quality parameters of Indian cotton.
The problem in textile industry was further aggravated following the government's release of 16.60 lakh bales of raw cotton for exports during the current year. This release is a spillover of last year's quota, he said.
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