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Cotton procurement by govt agencies declines
29
Dec '15
Procurement of cotton by government agencies like Cotton Corporation of India (CCI) and Maharashtra State Cooperative Cotton Growers Marketing Federation (MSCCGMF) has decreased after Gujarat government announced bonus of Rs 110 on the minimum support prices (MSP) of Rs 810 per 20 kg for farmers, according to media reports.
 
So far this season, CCI has bought about 6 lakh quintals and MSCCGMF has purchased around 2.5 lakh quintals of the crop. The announcement of bonus is attracting farmers from other states like Rajasthan, Madhya Pradesh, and Maharashtra to sell at higher prices in Gujarat.
 
The crop selling for Rs 4,100-4,200 per quintal is now selling for Rs 4,400-4,500 per quintal. Since the farmers are getting higher prices than the fixed MSP of Rs 4,100 per quintal, the procurement of the crop by government appointed bodies has decreased who refrain to purchase at high prices.
 
CCI has still not begun procurement of cotton in parts of Punjab where cotton has started arriving in the market and is fetching higher price of Rs 4,500-4,800 despite the white-fly attacks in the area. 
 
CCI and MSCCGMF are expected to begin procurement only when the prices of cotton fall below the MSP set by the Centre. (HO)
 

Fibre2Fashion News Desk – India

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