Presidents Speech

SPEECH DELIVERED BY MR P.NATARAJ,VICE PRESIDENT & CHAIRMAN OF THE MEETING, ICF AT THE 38th AGM of INDIAN COTTON FEDERATION on Sunday, 27th of August 2017.

Members of the Indian Cotton Federation,

Friends,

Before we start our Meeting , I would like to inform you the sudden demise of Late Shri C.Soundararaj on 7.3.2017, who was our Vice President and our President responsible for the growth of our Association. Also sad to inform you the sudden demise of Late Shri P.R. Ramasubrahmaneya Rajha, Chairman of Ramco Group on 11.05.2017, who had supported the activities of our Association. We observe two minutes silent & pray as a mark of respect to the great souls.

It gives me great pleasure to welcome you all to the thirty-eighth Annual General Meeting of our Association. The annual report and audited accounts for the year ended 31st March 2017 have been with you for some time now, and with your permission, I shall take them as read.

ECONOMY

The Indian Economy continues to be one of the fastest growing amongst the major world economies. According to provisional estimates, GDP growth remains above 7%.

Introduction of GST ON 1ST July 2017 is a significant step in the reform of indirect taxation, facilitating a common national market and should mitigate cascading or double taxation. The other significant event during the last Financial Year was demonetization which could strengthened the Banking system. The budget has seen a boost for public sector investment, with an increase in infrastructure spending, notably in the areas of roads, railways and power.

CURRENT COTTON SCENARIO

CAB at its meeting held on 18.8.2017 had estimated the crop for 2016-17 as 345 lakh bales of 170 kgs. Regarding the prediction for 2017-18, in view of the normal monsoon, higher realization compared to other cash crops, the Farmers have sown more Area than last season. As of now the supply position will be able to meet the demand for cotton at the current spindlage. Regarding price, they were on steady levels.

Central Government is of the view, through their doubling the income of Farmers, a proposal is being mooted to have better yield through precision farming, high density farming , use of quality seeds and inputs . Central Govt is planning to have a Technology Mission-II with two sub. Mini Mission to deal with yield and quality . Few areas which could help in improving the cotton economy are :

1. Grading/classing cotton need a close look. Once quality is assured only, we can move to the next stage of branding of Indian Cotton as Supima of USA etc.

2. Standardization of packing. Different ginners use different kind of packing for bale packing. 100% cotton fabric will ensure a stable quality and if feasible Moisture maintenance is a prominent factor.

3. Irrigation system need to be improved by using better conservative use method following drip irrigation , sprinkler as in Israel with quality water useful to cotton .

4. Funding for cotton purchase – Cotton being seasonal crop liberal finance at marginal interest should be made available through warehouse funding system by Banking Agencies.

I once again thank one and all for your co-operation and support and we continue our services with dedicative spirit.

Jai Hind
P.NATARAJ
Vice President & Chairman of the Meeting