MUMBAI Cotton supplies in Indian spot markets fell 15.9 percent from a year earlier to 10.8 million bales between October and December as government's move to scrap high-value currency notes disrupted trading, a leading trade body said on Monday.In November, Prime Minister Narendra Modi scrapped 500 rupee and 1,000 rupee bills to crackdown on tax dodgers and counterfeiters. [nL4N1D94QI]The world's biggest cotton producer is likely to harvest 34.1 million bales of cotton in the 2016/17 season, that started on Oct. 1, down 1.1 percent from an earlier estimate, the Cotton Association of India said in a statement.India had harvested 33.8 million bales in 2015/16.
(1 Indian bale = 170 kg)
(Reporting by Rajendra Jadhav; Editing by Sherry Jacob-Phillips)
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Published Date: Jan 23, 2017 22:15 PM | Updated Date: Jan 23, 2017 22:15 PM