Topics Global cotton production | Climate Change

Business Standard Editorial Comment  Last Updated at August 24, 2022 00:21 IST

The weather-induced sharp dip in cotton production and the resultant exorbitant spike in its prices in almost all major cotton-producing countries have plunged the whole textile sector into a crisis the world over. In most countries, the prices of cotton have surged by 60 to 70 per cent in the past one year and are currently ruling at their highest level in over a decade. In India, the prices have more than doubled since last year, forcing many units in the textile industry to curtail operations or cease production, despite the waiver of import duty and other concessions to facilitate higher cotton imports. High production costs and the shrinkage of garments demand owing largely to the economic slowdown in many countries have squeezed the margins of all stakeholders in the textile industry —from yarn producers to apparel makers and exporters. Many textile mills have been forced to mix cotton yarn with other materials like rayon or polyester to reduce the dependence on the natural fibre and cut costs.

TO READ THE FULL STORY, SUBSCRIBE NOW NOW AT JUST RS 249 A MONTH.

Please wait while you are being redirected to the next page.

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance. We, however, have a request. As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed. Support quality journalism and subscribe to Business Standard . Digital Editor

Copyrights © 2022 Business Standard Private Ltd. All rights reserved.

Business Standard is happy to inform you of the launch of "Business Standard Premium Services"

As a premium subscriber you get an across device unfettered access to a range of services which include:

Welcome to the premium services of Business Standard brought to you courtesy FIS. Kindly visit the Manage my subscription page to discover the benefits of this programme. Enjoy Reading! Team Business Standard