The Chairman of Pakistan Cotton Ginners Association (PCGA), Amanullah Qureshi, has thanked the National Assembly Standing Committee on Textile Industry for recommending, unanimously, to the government to intervene in the market to stabilise falling prices of cotton.
He said that parliament should adopt a resolution for purchase of at least one million bales of cotton through Trading Corporation of Pakistan (TCP). He said that the parliamentarians, largely representing the growers, raised their concerns over massive decline in commodity prices. Seed-cotton (phutti) is being sold at Rs 2,200 per 40 kg in Punjab and at Rs 1,400-Rs 1,800 per 40 kg in Sindh, which is causing losses to the growers, he added. He said that the prime minister should issue orders for implementation of the recommendations of the committee and asking TCP to procure one million bales of cotton "to bring stability in the prices".
Aman said that PCGA welcomed the development in this regard and Minister for Textile Shahabuddin would seek the federal cabinet's approval, in principle, in the upcoming meeting. He said after the cabinet's nod, a summary would be sent to the Economic Co-ordination Committee of the Cabinet for formally allowing the TCP to procure the commodity.