Cotton pilot scheme a hit, govt to extend it by a year

livemint.com:

Arvind Fashion. “Currently, the prices are remaining benign. So, we are not expecting any major rise in the next [few] quarters." On the production front, though, India has witnessed a sharp decline in recent years.

As per textile ministry data, annual production of cotton in 2017-18 was 37 million bales (170kg each), which fell to 33.3 million bales in 2018-19. After seeing growth in 2019-20 (36.5 million bales), production fell again to 35.25 million bales in 2020-21 and 31.12 million in 2021-22. In 2022-23, production of cotton was 34.75 million bales.

And in the ongoing fiscal, the Cotton Association of India estimates that production may shrink to 31.6 million bales. Cotton is one of the leading areas of economic activity for livelihood, and plays a pivotal role in the growth of the Indian economy. Around six million farmers are engaged in cotton production in India, and 35 million farmers grow cotton across the globe.

The ministry is also focusing on increasing footprints in technical textiles, which is a growing market. Currently, India is exporting technical textiles, including medical apparels, to the tune of $2.5 billion and set a growth target of $10 billion in the next five years. Technical textiles are engineered clothing products used by various industries.