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June 02, 2007 14:23 IST
India's cotton production in 2007-08 is set to go up thanks to the rising use of genetically modified seeds of the crop.
According to International Cotton Advisory Committee, India's production is expected to increase to 4.9 mt and cotton consumption is expected to be up from this year's 4 million tonne to 4.2 million tonne in 2007-08.
But globally cotton production is expected to fall to 25.2 million tonnes (mt) in 2007-08.
Cotton yields have also gone up this year from 478 kg per hectare to 501 in India and if area under cultivation increases in coming season the current yield levels will further raise production.
The country may produce 300 lakh (30 million) bales in the coming season as against a production of 270 lakh (27 million) bales in 2006-07.
East India Cotton Association estimates that exports will be around 30-35 lakh (3-3.5 million) bales this year as against last year's 47 lakh (4.7 million) bales because of a rising rupee and a drop in demand from China.
According to East India Cotton Association president K F Jhunjhunwala, cotton prices next year would increase by 7-8 per cent.
He said more area is expected to be covered under Bt cotton seeds in the coming year across all the regions. "The area under Bt cotton seed will increase to 50 per cent of the total acreage in next season from the current 38 per cent," Jhunjhunwala pointed out.
At present the price Shanker-6, a cotton variety, is Rs 5,244 a quintal, while that of J-34 is ruling at Rs 4,617.
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