Home / Knowledge / News / Textiles / CCI to procure Rs 12,000 crore worth cotton this season
CCI to procure Rs 12,000 crore worth cotton this season
27
Nov '14
Following the continuing fall in cotton prices and prices slipping below the minimum support price (MSP) of the government, Indian state-owned Cotton Corporation of India (CCI) will procure cotton worth Rs 12,000 crore this season.

CCI which currently has an inventory of 800,000 bales (of 170 kg each) of cotton is expected to purchase 6 million bales from states like Maharashtra, Andhra Pradesh, Telangana and Gujarat.

“Funds would be garnered from a consortium of 14 banks led by Bank of Baroda, BK Mishra, CMD at CCI said, while speaking at a cotton conference in Mumbai and added that till date CCI has bought 800,000 bales of cotton.

For the 2014-15 season, the government has fixed an MSP of Rs 3,750 per quintal for medium staple cotton and Rs 4,050 for long staple cotton and current market prices of cotton have gone down below the MSP.

Depending on market conditions, CCI plans to offload cotton inventory over the next 15 months and going by current price trends and future forecasts, Mishra does not expect the state cotton buyer to export the white gold this season.

Led by a marginal decline in production in Gujarat, Cotton Association of India (CAI) has estimated India’s 2014-15 season cotton output at 40.55 million as against 40.72 bales in the 2013-14 season, however will be larger than that of China, which for years has been the topmost cotton producer. (AR)

Fibre2fashion News Desk - India

Must ReadView All

Textiles | On 25th Apr 2017

Greater Manchester is high on its textiles industry

Greater Manchester is witnessing a boom in textiles industry with 77...

Apparel/Garments | On 25th Apr 2017

Indian trade leaders to discuss GST, digital payments

Trade leaders from various Indian states will meet in New Delhi to...

Apparel/Garments | On 25th Apr 2017

Foreign buyers paying less for green factory apparel

International buyers are not paying enough for apparel and garments...

Interviews View All

Jim Desai
Blaiva Fabricaa

Fashion industry likely to remain labour-intensive in coming years

Dinaz Madhukar
DLF Emporio and DLF Promenade

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

Vasanth Kumar
Max Fashion India

‘Traditional high-street retailers are now willing to offer franchisees to ...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Johan Berlin
InvestKonsult Sweden AB

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

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Jay Ramrakhiani
Occasions Elegance Wear

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

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

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
April 2017

April 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