Home / Knowledge / News / Textiles / Govt committee approves reimbursement of losses to CCI
Govt committee approves reimbursement of losses to CCI
28
Jun '13
The Cabinet Committee on Economic Affairs approved reimbursement of losses amounting to Rs. 719.41 crore to the Cotton Corporation of India (CCI) on Minimum Support Price (MSP) operations in the cotton season 2012-13.

CCI would be conducting domestic and export sales. The apportionment of these sales would be decided by an inter ministerial committee consisting of representatives of the Ministries of Agriculture, Commerce, Textiles and the Department of Revenue, to strike an appropriate balance between interests of domestic users and producers.

The Government of India, under the Price Support System (PSS) for the cotton season 2012-13 fixed the MSP for Long Staple (LS) and Medium Staple (MS) varieties of raw cotton at Rs.3,900/- per quintal and Rs.3,600/- per quintal respectively. This led to a hike in MSP price of 29 percent and 18 percent respectively over the previous year.

Cotton prices in Andhra Pradesh touched MSP prices in October 2012 and procurement under MSP operations commenced in the districts of Warangal, Guntur and Adilabad. The CCI procured 22.65 lakh bales of seed kapas under price stabilization operations from October 2012 to February 2013 at a total cost of Rs.5,807.95 crore.

The CCI has successfully stabilized prices in Andhra Pradesh and avoided farmer distress with timely payments. Cotton prices then crossed MSP prices in March 2013 in Andhra Pradesh.

Ministry of Textiles

Must ReadView All

Textiles | On 25th Mar 2017

GST to positively impact retail value chain: CBRE

The implementation of the Goods and Services Tax (GST) bill in India...

Apparel/Garments | On 25th Mar 2017

Net sales at Christopher & Banks fall 10% in Q4

Net sales totalled $85.0 million for the fourth quarter ended January ...

Courtesy: Li & Fung

Textiles | On 24th Mar 2017

Li & Fung forms new supply chain partnership with PVH Corp

Li & Fung Limited, the world's leader in consumer goods design,...

Interviews View All

Rajiv Sirohi
Shara

‘Portugal is taking away a major share of the mill made sector.’

Smith Vaghasia
Sanado India

Online remains the best destination for shopping

Akash Khetan
Narayan Tex Fab

I find it hard to find professionals in Surat

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Sonam & Paras Modi
SVA

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

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

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:
March 2017

March 2017

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

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search