India has raised the price at which it will buy new-season cotton from domestic farmers by 7.8% to 8,110 rupees per 100 kg, but local market prices are hovering around 7,000 rupees
The limited supplies are keeping local prices significantly above the global benchmark, making overseas sales unviable from the world's biggest producer of the fibre
Pakistan's textile sector is "disappointed" by the government's decision to not allow the import of Indian cotton and has said that buying cotton from the neighbouring country is the need of the hour