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Business EconomyPosted at: Nov 18 2021 7:36PM


Goyal warns cotton traders against price manipulation

New Delhi, Nov 18 (UNI) Commerce & Industry and Textiles Minister Piyush Goyal has cautioned cotton traders against manipulation of prices, hoarding to make unfair profit and allowing pricing issue of cotton bales and yarn for the industry.
Interacting with the textile industry on Thursday to resolve issues regarding cotton yarn prices between manufacturers and downstream textile industry, Goyal urged the players to resolve cotton pricing issues in the spirit of collaboration rather than competition and without Government intervention or support for growth.
“Too much dependence of state support is not healthy for the robust growth of the sector,” he said, and pointed out that farmers’ interests were being taken care off with better cotton prices supported by a good base Minimum Support Price.
Cotton prices are ruling above the MSP rate of Rs 6,025 per quintal by about 40% at the current Rs 8500 per quintal with farmers getting reasonably good prices for their produce which is in tandem with other agri-commodities.
Goyal also ruled out the idea of short term super normal profits in the textile value chain as unsustainable and called for free and fair play of market forces. “Super normal profits should not be booked for short term goals,” he said.
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