The inability of the Cotton Corporation of India to dispose of 75lakh bales, procured by it in 2008-09 crop year, has prompted the Centre to offer discounts on bulk purchase of cotton. However, CCI offer price expected to be Rs 19,800-19,900 per candy, is not expected to attract the domestic textile sector that has kept of procuring owing to a steep price variation with the ongoing market price and the international rates.
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Battling a slowdown that has shackled the growth of the industry, the textile industry seems to be betting high on the third stimulus package and the Exim policy announcements. The Young Entrepreneurs Group of Confederation of Indian Textile Industry, met in the city in the backdrop of the disappointing interim budget, to discuss the way ahead for the industry on Monday. With over 50% of the production in the textile value chain being exported the global economic developments has had a serious impact on the industry.
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