The Indian government has announced that it is going to take action to fight the cotton crisis in the country. It was holding consultations among ministries this week to take a look at cotton exports. Measures it could introduce include reinstating duty drawback on cotton yarn exports and establishing a series of textile parks. Cotton prices have been on a roller coaster lately, hitting 62,500 rupees (€977.4-$1,408.0) in March for a “candy,” the unit most commonly used for sale in India (equaling 3.56 quintals of lint cotton). Currently that figure has dropped to INR 34,500 (€539.4-$777.3), and the industry has lost thousands of jobs.
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