According to a news release from the Ministry of Textiles, the textile industry is using some of the most cotton it has used in a decade during the current marketing season, which runs from October 2023 to September 2024.
The Committee on Cotton Production and Consumption (COCPC), led by Textile Commissioner Roop Rashi, met and presented a comprehensive cotton scenario for the 2023–2024 season.
As to the COCPC, the industry is likely to have favorable expansion, with MSME cotton consumption expected to rise from 99.83 lakh bales in 2022-2023 to 103 lakh bales in 2023-2024.
This rise, along with the anticipated increase in non-MSME consumption of over 307 lakh bales, points to a promising future for India’s textile sector. The Cotton Corporation of India has implemented QR code tracking for every cotton bale, which has significantly improved transparency and quality control throughout the supply chain.
Even though total cotton production is expected to marginally fall to 325.22 lakh bales, down from 336.60 lakh bales in the previous season, the sector is forecast to have enough raw material availability.
Between 2022 and 2023, exports are expected to increase significantly from 15.89 lakh bales to 28.00 lakh bales in 2023 and 2024.
