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Govt mulls offering international price to cotton growers
July 21, 2021
LAHORE: The federal government is pursuing a proposal to offer an internationally competitive support price to cotton growers in the country to incentivise cultivation and to pump money into the rural economy.
Federal government has constituted a committee to determine cotton support price for local farmers under an innovative formula, which can eventually dole out 90 percent of prevalent international price plus freight charges.
Although the process of giving approval to the final cotton price mechanism runs at a snail’s pace, it has finally passed through the Economic Coordination Committee (ECC) of the Cabinet.
Daily Times
July 20, 2021
CottonLocal market in the last week witnessed a significant drop in cotton prices due to ongoing monsoon weather and rains.
Ginners stopped buying rain affected cotton and as a result the factories stopped their operations. Ginners who had phutti in stock started demanding high rates.
Trading volume also decreased due to uncertainty among ginners and traders of phutti, and significant decrease in the rate of cotton. Transportation costs also increased due to unavailability of vehicles as most of the trucks are busy in carrying sacrificial animals. Market sources said the cotton trade may be resumed after Eid holidays.
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