Falling cotton prices worry India
16/10/2008
The textile ministry and cotton farmers in India are asking the government to take action to ease the pain of falling cotton prices.
The domestic price of cotton has been falling steadily for two months owing to pressure from the global market. Now the price is below the minimum support price agreed with farmers in August.
J N Singh, joint Secretary in the textile ministry, has suggested that the answer will be for the government to buy cotton direct from growers at the agreed rate, even if this is higher than the market price.
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