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No proposal to increase MSP of cotton: Minister
Dec '14
There is no proposal to increase the minimum support price (MSP) of cotton, India’s minister of state for agriculture Mohanbhai Kundaria said in the Lok Sabha, the lower house of Parliament.
The minister informed that the Cotton Corporation of India (CCI) has initiated action for procurement of cotton from the growers at the MSP in 341 centres located in 92 districts in 11 cotton growing states.
During the current cotton season 2014-15, prices of cotton are below MSP in major cotton growing states. For example, the market prices of Bunny variety of cotton in Andhra Pradesh and Telangana are between Rs 3,850 and Rs 4,050 per quintal, as against the MSP of Rs 4,050 per quintal.
The market price of Shankar-6 variety in Gujarat is ruling between Rs 4,000 and 4,200 per quintal, compared to MSP of Rs 4,000 per quintal.
The prices of cotton in domestic market depend on a number of factors, including previous balance, current supply, current as well as future demand for cotton in both domestic and international markets.
At present, cotton prices in international markets are ruling lower than the prices that prevailed during the corresponding period last year, primarily due to lower demand by China and increased supply from the US, the minister said.
According to the Ministry of Agriculture, cotton has been planted on 12.6 million hectares this season, which is 7.7 per cent higher than the 11.7 million hectares planted in previous season. As a result, cotton output is likely to remain above 400 lakh bales (of 170 kg each) in the ongoing season. (RKS)

Fibre2fashion News Desk - India

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