By Our Staff Reporter MUMBAI, JAN. 27
The Cotton Association of India (CAI) has lauded the Chairman of Cotton Advisory Board (CAB), Mr. A. B. Joshi, Textile Commissioner of making the one time correction of the cumulative past errors by showing the opening stock for the season 2012-13 at 40 lakh bales instead of 29 lakh bales shown as the closing stock for the season 2011-12.
The various stock figures adopted at the successive meetings of the CAB were leading to a negative stock in the system and therefore, the CAI had been urging the Board repeatedly to correct the same, stated Mr. Dhiren N. Sheth, President, CAI, here Such correction of past errors in the projection of crop data is a worldwide practice and it is only right that India does not shy away from following the same practice, Mr. Sheth noted.
CAI, however, still feels that this correction is not enough and the opening stock for the season 2012-13 is far higher than what is projected by the CAB even now. CAI estimates the opening stock for the season 2012-13 to be at a higher level of over 50 lakh bales which is also evident from the prevailing price trend. CAI also feels that a better option to correct the situation would have been to increase the crop for the season 2011-12 by 11 lakh bales which the CAI even otherwise believes, is substantially higher, Mr. Sheth stressed.
(Source: Tecoya Trend)