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Govt approves MSP operations for cotton year 2014-15
30
Apr '15
The Cabinet Committee on Economic Affairs (CCEA) has given its ex-post facto approval for engaging the Maharashtra State Co-operative Cotton Growers Marketing Federation Ltd. (MSCCGMFL) to undertake minimum support price (MSP) operations as a sub-agent of the Cotton Corporation of India (CCI) during the cotton season 2014-15, according to a government statement.

The approval was given after the CCEA met under the chairmanship of prime minister Narendra Modi on April 29.

The statement said this decision will help in price support operations of 110 lakh bales (100 lakh bales by CCI and 10 lakh bales by MSCCGMFL) during the current cotton season 2014-15 to help stabilise cotton prices and alleviate farmers’ distress.

This operation is primarily aimed at safeguarding the interest of the farmers and avoiding any distress sale. MSP for cotton was fixed at Rs 3750 for medium staple and Rs 4050 for long staple for the year 2014-15.

MSCCGMFL will procure cotton from farmers in Maharashtra, in addition to CCI, on the same lines as CCI is doing. In the past MSCCGMFL has procured cotton under MSP as the agent of National Agricultural Federation (NAFED) in Maharashtra on the basis of agreement with NAFED. (SH)

Fibre2fashion News Desk - India


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