Home / Knowledge / News / Cotton / Spending for reimbursing cotton MSP ops losses approved

Spending for reimbursing cotton MSP ops losses approved

23
Mar '20
Pic: Shutterstock
Pic: Shutterstock
India’s Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi, recently gave its ex-post facto approval for engaging Maharashtra State Cooperative Cotton Growers Marketing Federation Ltd (MSCCGMFL) to undertake minimum support price (MSP) operations in the state as a sub-agent of the Cotton Corporation of India Ltd (CCI) during the cotton years 2017-18 and 2018-19.

The CCEA also approved to incur an expenditure of ₹312.93 crore (₹311.33 crore for CCI and ₹1.60 crore for MSCCGMFL) under revenue head for reimbursing the losses to CCI and MSCCGMFL on sale of cotton procured under MSP operations during the cotton years (October to September) 2017-18 and 2018-19, according to an official release.

CCEA further approved to incur an additional expenditure of ₹748.08 crore (₹687.46 crore for CCI and ₹60.62 crore for MSCCGMFL) under revenue head for reimbursing the losses to CCI and MSCCGMFL on sale of cotton procured under MSP operations during the cotton years 2014-15 and 2015-16.

The approval will help in price support operations of cotton which helps in stabilising cotton prices and is primarily aimed to safeguard the interests of the farmers and controlling any distress sale, the press release added.

Fibre2Fashion News Desk (DS)


Must ReadView All

Pic: Shutterstock

Apparel/Garments | On 7th Apr 2020

Holding cost will affect apparel manufacturers

That brands may eventually not scrap orders is not necessarily good...

Pic: reddees / Shutterstock.com

Apparel/Garments | On 7th Apr 2020

Commendable decision by international garment buyers

At a time when the world is passing through an unprecedented crisis...

Pic: Shutterstock

Apparel/Garments | On 7th Apr 2020

Over 40 apparel factories in Bangladesh resume production

More than 40 readymade garment (RMG) factories in Bangladesh's Savar, ...

Interviews View All

Kaizad Hansotia, GetNatty

Kaizad Hansotia
GetNatty

Competition is the best thing that can happen to a startup

Cindy McNaull, Cordura

Cindy McNaull
Cordura

We have broad range of options in durable fabrics

Top executives, Textile industry

Top executives
Textile industry

Overall, Union budget 2018-19 is very balanced

Deepak Mundra,

Deepak Mundra

Surat-based Madhusudan Group is a vertically integrated textile...

Rushiraj Mulani,

Rushiraj Mulani

The Shradhdha Group of companies was established in 2010 and is based out...

Nuria Estape,

Nuria Estape

Archroma is a global colour and specialty chemicals company headquartered...

Dave Rousse, INDA

Dave Rousse
INDA

INDA, a global association of the nonwoven fabrics industry, has been...

Robert Erichsen, Statex Produktions & Vertriebs GmbH

Robert Erichsen
Statex Produktions & Vertriebs GmbH

Statex Produktions & Vertriebs Gmbh, founded in 1978 and headquartered ...

Eamonn Tighe, Nature Works LLC

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Joe Ikareth, Joe Ikareth

Joe Ikareth
Joe Ikareth

<b>Joe Ikareth</b> has a rock-solid fashion and textiles background, which ...

Bani Batra,

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Seema Agrawal, Artisan Saga

Seema Agrawal
Artisan Saga

Artisan Saga, founded by Kaushik Rajani and Seema Agrawal, is an online...

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

Leave your Comments


April 2020

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


Advanced Search