: CCI to offer volume-based bulk discount to help textile spinning mills in MSME segment #FinanceIndia #StockMarketNEWS CCI to offer volume-based bulk discount to help textile spinning mills in MSME

@StockMarketNEWS Thu 12 Mar, 2020

Posted in: #FinanceIndia #StockMarketNEWS

CCI to offer volume-based bulk discount to help textile spinning mills in MSME segment #FinanceIndia #StockMarketNEWS
CCI to offer volume-based bulk discount to help textile spinning mills in MSME segment Coimbatore, Mar 4 (KNN) According to the Southern India Mills’ Association, the Cotton Corporation of India (CCI) will offer volume-based bulk discounts for its 2018-19 cotton. It will benefit the textile spinning mills in the Micro, Small and Medium-Scale (MSME) segment.

The notification by CCI stated the discount scheme will be applicable for purchase release that with the intervention of Union Textile Minister Smriti Irani, the CCI is offering the volume-based bulk discounts from 500 bales to 10,000 bales.

The discount is in the range of Rs. 3,200 to Rs.4,400 a candy of 355 KG.

With this, the price for the Fair Average Quality of cotton offered by the CCI will be close to the market price. The textile mills are likely to start procuring from the CCI now.

Ashwin Chandran expressed hope that, “The CCI would soon offer its current year MSP cotton at market prices at constant intervals till season end and facilitate stability of prices.”

He further said that the SIMA Chairman also appealed to the Union Government to include cotton yarn under the export benefits to make the Indian cotton yarn competitive in the global market.

Cotton yarn exports from India dropped 30 % during 2019-2020 compared to the previous year. Increase in the yarn exports will stimulate demand for cotton, he said. (KNN/SS)

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