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Indian textile sector not in favor of agriculture price rise

Earlier this month, the Indian government announced a 28 per cent increase in the minimum support price (MSP) for important crops such as cotton and paddy to help support farmers.

While this support from the farm sector was welcomed by the agriculture and allied sectors, the textile sector did not welcome the move as the MSP increase will likely increase the price of domestic cotton and make the raw material relatively expensive, which will impact the textile sector.

The Indian cotton sector currently needs to focus on increasing its productivity, improving its quality, working on its contamination levels and diversifying its strength. It currently needs economically feasible and suitable projects that can attract both domestic and export markets.

The industry is likely to be benefitted by enhancing its product offerings, strengthening its downstream processing and developing value-added textile sectors such as technical textiles.

 
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