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Home Business Industries

Cotton will be faster, expensive clothes may increase due to increase in custom duty; Profit opportunity for investors

Business News by Business News
February 4, 2021
in Industries
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budget 2021 custom duty increased on cotton may inflate textiles cotton price commodity news
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The impact of the rise in the price of cotton can be seen on the inflation of clothes on the common people.

Presenting the budget for the next financial year 2021-22, Finance Minister Nirmala Sitharaman said that the government is committed to increase the income of farmers. In this episode, the custom duty on cotton was increased to 10 percent in the budget. Earlier there was no custom duty on this. The announcement of the Finance Minister has shown an impact and the price of cotton is showing strength. Cotton prices are currently hovering around Rs 21,100 per bale. A vine holds 170 kg. According to market experts, cotton can touch a level of 23 thousand in the next two-three months, which will get support at a lower level of 19700. Talking about commodity investors, there is an investment opportunity for them and can expect a boom in the next two-three months. Cotton prices may see a boom due to increase in custom duty and economic activities on track after the Corona epidemic. The impact of the rise in the price of cotton can be seen on the inflation of clothes on the common people. Apart from this, it is also in demand in the medical industry.

Demand was stable last year due to Corona

According to Angel Broking, Vice President (Commodity & Research) Anuj Gupta) In the last year 2020, there was a global outbreak of Corona epidemic. Due to this, the demand for cotton was slow around the world. However, now the economic speed is gradually increasing and demand from the textile industry has increased. Apart from this, due to business tensions between the US and China, there is a constant threat of sanctions on China, due to which China is doing aggressive shopping. Due to this, the outlook for the rise in the price of cotton is being made globally.

India can become the top exporter

Most of the cotton in the world is produced in America. However this time the crop was affected there, due to which India has a chance to become the top exporter. According to Kedia Commodity Director Ajay Kedia, the crop in Brazil has not been good this time, while the cotton crop in India has been better than last year. Kedia says that there is shortage of cotton globally due to which India can complete this gap and can become the top exporter.

Estimates for more production in 2020-21

A committee on cotton production and consumption of the Central Textile Ministry has revised the data of cotton crop. According to the committee, production of 371 lakh bales (170 kg in one vine) is estimated in 2020-21. Earlier it was estimated to produce 358.50 lakh bales. Last year, in 2019-20, production of 365 lakh bales was done. According to the latest estimates, in Gujarat, the highest cotton project of 90.5 lakh bales has been done in 2020-21. Production per hectare is also high in Gujarat. According to the projection, Gujarat will produce 676.86 kg of cotton per hectare, while India’s average cotton yield is estimated at 486.76 kg per hectare. Cotton per hectare in the country is estimated to be 683.04 kg in Rajasthan. Last year, 486.76 kg cotton was harvested per hectare.

Custom Duty in Budget 2021: Increased custom duty on these items to give boost to domestic industry, farmers also benefit

Tags: ajai kediaajay kediabalescommodity newscottonCotton newscotton productioncotton rate
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