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

Textiles | On 26th May 2017

Lenzing unleashes new eco-friendly fibre

There's a new eco-friendly fibre on the anvil—Austrian speciality...

Apparel/Garments | On 26th May 2017

PVH Corp Q1 2017 revenue rises 4%

The first quarter revenue of fiscal 2017 at apparel marketer PVH Corp ...

Courtesy: Levi Strauss & Co

Apparel/Garments | On 26th May 2017

LS&Co. to fund water saving solutions

LS&Co. will fund to the tune of more than $350,000 the solutions...

Interviews View All

Nishank Patel
Shri Dinesh Mills Limited

Broad range of fabrics will sell well this financial year

Dinaz Madhukar
DLF Emporio and DLF Promenade

‘Each event and promotion is planned out keeping in mind the business of...

Yash Maniyar
Rekha Maniyar

Indian fashion market is growing at a staggering rate

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Mark Paterson
Technical Absorbents Ltd

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

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

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

news category


Related Categories:
May 2017

May 2017

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

SUBSCRIBE


Browse Our Archives

GO


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