MUMBAI, July 25: Union textile minister Kashiram Rana today said futures trading would be resumed in ginned and baled cotton. Speaking at the East India Cotton Association's platinum jublee celebrations here, Rana urged the cotton trade to play a responsible role in developing this form of trading.Futures trading activities must be conducted within the framework of a well laid discipline so that the full benefits percolate to the industry and cotton growers, he said. On the question of removal of controls on cotton, Rana said there was need for assured and abundant supply every year and "we have to balance the interests of the growers and the consumers".Describing as unfortunate the recent suicides by cotton farmers in Andhra Pradesh, he said it was a matter of concern for the government and added that the lot of the farmers has to be improved by enabling higher production and productivity so that they get a greater income.The total cotton production fell sharply to 148 lakh bales during the currentcotton year 1997-98 as against a high of 177.20 lakh bales for the corresponding period last year, the minister said adding that the for this fiscal the cotton advisory board has estimated a production of 153.25 lakh bales. Rana said there was a need for more good quality seeds to to improve productivity.On improving technology, he said "a proposal is under consideration to launch a Rs 35,000 crore techology upgradation fund scheme under which it is proposed to cover cotton ginning and pressing units".
