Republican Senator from Arkansas Tom Cotton, who met President Donald Trump this week, said the current system does not bring in the brightest and the best from across the world.
Symbol: COTTON| Contract: May, 2017| Category: Fiber
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Cotton's Latest News
The move by the world's biggest cotton producer is likely to help rival suppliers like Brazil, the United States and some African countries boost exports, with some India textile mills even starting to import cheaper fibre from overseas.
The supply crunch has driven up prices in India to levels higher than in the global market and could force buyers to switch to other producers.
The Egyptian cotton imbroglio hit the company hard and led to a net loss in the quarter ended September 30 from an otherwise healthy profit last year.
Welspun India said the two cases filed against it in the US over bed sheets supplied not being 100 per cent Egyptian cotton are at preliminary stages and it cannot be determined at present whether they will even be permitted to proceed as class actions.
Two class-action lawsuits have been filed against Welspun India Ltd. that allege the company fraudulently labeled its bed sheets and towels as premium Egyptian cotton, the latest setback for the supplier after Target Corp. cut ties with the manufacturer over the same issue.
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