Chairman Pakistan Cotton Forum (PCF), Seth Muhammad Akbar said categorically that no intervention to free market mechanism will be acceptable to growers, ginners, spinners and organised value added textile manufacturers. Vested interest element, represented by a few, should, therefore, stop maligning other sectors of textile industry simply to serve their personal interests.

Chairman PCF said the major stakeholders of the cotton economy are fully vigilant to the situation and they would not let the policymakers to play in the hands of a bunch of ancillary industry carrying vested interest. PCF rejected the vague proposal of limiting cotton purchase to two months stock and termed it a disaster to the cotton economy and the textile industry at the same time. Cotton crop is harvested and procured by the industry for whole year consumption within a short span of four to five months.

The adverse implication of the proposal of limiting cotton lifting by spinning industry would force growers and ginners to carry remaining stocks within their limited financial resources and capabilities. Chairman PCF said even neither Trading Corporation of Pakistan (TCP) nor any other government organisation is financially strong and capable enough to lift cotton crop and carry it as a stock involving approximately Rs 350 billion.

According to him, allegations against spinners of cotton price manipulation are totally baseless and contrary to the ground situation, as majority of the spinning industry is already running short of cotton for remaining period of its requirement. He said all these allegations are designed to achieve vested interest for a few inefficient.

Chairman Pakistan Cotton Forum said the policymakers have already been alarmed on the concerns of growers, ginners, spinners and organised value added sector urging all interventions to the free market mechanism be withdrawn as per notification and assurance given by the government. The government is once again urged to stop following short-term policies, causing uncertainties, in the larger interest of the cotton economy.