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India: Tamil Nadu shields MSMEs from cotton price rise

The South India Spinners Association (SISPA) has urged the Tamil Nadu government to formulate a policy to protect micro, small and medium enterprises (MSMEs) following the rise in cotton prices. The state should ensure a buffer stock of cotton and an affordable raw material pricing mechanism. The rise in cotton prices benefits multinational companies, traders and the Cotton Corporation of India. Companies and traders buy cotton at the minimum support price, hoard the stock and inflate the prices later affecting end-users and farmers, he said. The SME mills lack the financial capacity to buy cotton and store it. In April, the price of cotton hovered around Re 38,000 per candy-level and reached Rs 48,000 in June