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Indian govt raises MSP on cotton by ₹1,130/quintal
05
Jul '18
Indian govt raises MSP on cotton by ₹1,130/quintal
Giving a major boost to the income of farmers, the Cabinet Committee on Economic Affairs chaired by Prime Minister Narendra Modi has approved the increase in the Minimum Support Prices (MSPs) for all kharif crops for 2018-19 season. The MSP for both medium staple and long staple varieties of cotton has been increased by ₹1,130 per quintal.

“The decision of the CCEA is a historic one as it redeems the promise of the pre-determined principle of fixing the MSPs at a level of at least 150 per cent of the cost of production announced by the Union Budget for 2018-19. The Commission for Agricultural Costs and Prices (CACP) has recommended MSPs for all kharif crops broadly in line with the announced principle,” an official statement said.

For medium staple cotton, the MSP has been raised from ₹4,020 per quintal in 2017-18 season to ₹5,150 per quintal in 2018-19 season, an increase of 28.11 per cent.

Likewise, the MSP for long staple cotton has been increased from ₹4,320 per quintal in 2017-18 season to ₹4,450 per quintal in 2018-19 season, a rise of 26.16 per cent.

Return over cost would be 50.01 per cent for medium staple cotton and 58.75 per cent for long staple cotton, the statement said. It includes all paid out costs such as those incurred on account of hired human labour, bullock labour/machine labour, rent paid for leased in land, expenses incurred on use of material inputs like seeds, fertilisers, manures, irrigation charges, depreciation on implements and farm miscellaneous expenses, and imputed value of family labour. (RKS)

Fibre2Fashion News Desk – India


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