Home / Knowledge / News / Textiles / Govt to slash cotton procurement
Govt to slash cotton procurement
16
Nov '15
The govt-run Cotton Corporation of India (CCI) which purchased 87 lakh bales in the 2014-15 marketing year, may procure only 20-25 lakh bales of cotton in the current marketing year as domestic prices are higher than the support price in many parts of the country, according to a media report.

The CCI has so far purchased 3,000-4,000 bales in Telangana and Andhra Pradesh and will procure cotton in Maharashtra, but in other states, the purchase would be negligible, CCI Chairman and MD BK Mishra said.

CCI plans to open over 300 centres across the country for cotton procurement. It has already opened 84 centres in Telangana and 25 centres in Andhra Pradesh.

Cotton procurement will be much lower this season because prices have not fallen below the MSP in most places, Mishra said.

The government has fixed the MSP at Rs 4,100 per quintal for long staple cotton and at Rs 3,800 per quintal for medium staple cotton for the 2015-16 marketing year.

Cotton prices currently at Rs 4,500 per quintal in Punjab, Rs 4,400 in Gujarat, over Rs 4,200 in Maharashtra. In Telangana, prices in most parts of the state are above Rs 4,200 per quintal.

According to the Cotton Advisory Board, India's cotton production is estimated to be lower by 15 lakh bales at Rs 365 lakh bales in 2015-16.

Meanwhile, Union Minister of State for Labour and Employment Bandaru Dattatreya has said that the Minimum Support Price of mandated crops for ext season will be declared by the Union Agriculture Ministry after thorough research and study done by Commission for Agricultural Costs and Prices.

Dattatreya said as part of price policy recommendations, the cost of production was one of the important factors in the determination of MSP of mandated crops.

The Commission also considers market related factors such as demand-supply balance, inter-crop price parity, trends in market prices— both domestic and international, terms of trade between agriculture and non-agriculture, effect on cost of living and industrial cost structure cost represents the supply side of production while deciding the MSP. (SH)

Fibre2Fashion News Desk – India


Must ReadView All

Courtesy: Michael Kors

Fashion | On 25th Jul 2017

Michael Kors to acquire Jimmy Choo

Global fashion luxury brand Michael Kors Holdings Limited has reached ...

Apparel/Garments | On 25th Jul 2017

VF Corp posts $2.4 billion revenue for Q2 2017

VF Corporation has recorded revenue of $2.4 billion, up 2 per cent,...

Textiles | On 25th Jul 2017

Egypt signs agreement with UNIDO for cotton production

Egypt has signed a €1.5 million ($1.74 million) cooperation agreement ...

Interviews View All

Asim Dalal
Indo Count Retail Ventures

Today, there is no other emerging market as India, "we make in India and...

Smith Vaghasia
Sanado India

Online remains the best destination for shopping

Headhonchos
Indian fashion industry

Cotton consumption will keep growing in the Indian fashion industry

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

July 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Thanks for your valuable feedback. Claim your free latest sustainability e-book.


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search



X