NP Hirani, chairman, MSCCGMFL, expects the yield to be over 350 lakh quintals this year as compared to 300 lakh quintals for the last season.
Private traders have already collected over 1.5 lakh quintals at rates ranging between Rs 4,150 to Rs 4,450 per quintal, which is higher than the minimum support price (MSP) of Rs 4,100 set by the Central government.
Hirani said that the cotton prices in the future will heavily rely on China's demand for Indian cotton. For the past few years China has been stock piling cotton; if the huge inventory gets exhausted this year, the prospects of exporting cotton at higher rates will open up for Indian cotton growers, he added.
He also expects the supplies to increase after 15 November, which is when the federation will start purchasing at its centres in order to prevent private traders from exploiting farmers and ensure that the prices do not fall below the MSP.
The MSCCGMFL will act as sub-agents of Cotton Corporation of India (CCI) this year and will open procurement centres first in all district headquarters. MSCCGMFL opened 88 centres in 2014. (HO)
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