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17 Jul 2019, Edition - 1464, Wednesday

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Coimbatore

Spinners hail launch of cotton transshipment at Tuticorin Port

Covai Post Network

Southern India Mills’ Association (SIMA) has welcomed the transhipment facility provided for storing cotton in Tuticorin port.

In a statement, SIMA Chairman M Senthilkumar lauded the proactive initiatives taken by Central government, especially the Ministry of Shipping, Tuticorin Port Authorities and Customs Commissionerate as a part of easing doing business.

The port has been provided with the transhipment facility to start with for storing around 250 containers of cotton for up to 30 days with no charges and another 60 days at a discount. The traders also can sell the cotton in the country or abroad.

This facility would largely benefit the country, bring stability in cotton prices as the imported cotton would be available on demand and also help mills to prevent losses due to price volatility and also currency fluctuations, Senthilkumar said.

Facility of imported cotton would enable MSME category spinning mills to have direct and daily access, he said adding that since the cotton would be made available on a regular basis, the lead time would be reduced to few days from the present on to two months or more.

Senthilkumar, who attended the inaugural function there, said the the facility would strengthen the Make in India movement.

Textile industry in the State accounts one-third of cotton business and 47 per cent spinning capacity. Spinning mills in the State annually need around 120 lakh bales of cotton (170 kg a bale).

But the State produces only around 5 lakh bales of cotton annually and therefore, around 80 per cent of the cotton is procured from Gujarat, Maharashtra and Telengana at Rs 6 a kg and imports around 15 per cent of the cotton from African countries, the US and Australia.

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