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India cabinet must take cotton stock sale decision-sources

Source : REUTERS
Last Updated: Thu, Mar 21, 2013 09:00 hrs

NEW DELHI, March 21 (Reuters) - India's cabinet must take the decision on how much cotton to sell in the domestic market from state reserves and sales should start next month, government sources said on Thursday.

The issue needs cabinet approval because it has financial implications to the exchequer, said one of the sources, who did not wish to be identified.

On Wednesday, Trade Minister Anand Sharma said the state-run Cotton Corporation Of India (CCI) would offload stocks in the open market but did not elaborate on details of how or on prices and quantities.

Sources also said the cabinet would take a decision soon so that the state-run cotton procurement agency could start sales from next month.

India has about 2.5 million bales (425,000 tonnes) of stocks and has faced calls from mills to sell in order to cool soaring prices, which are near year-highs. (Reporting by Ratnajyoti Dutta; Editing by Jo Winterbottom)



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