Home / Knowledge / News / Textiles / Maharashtra to guarantee ₹1800-cr loan by cotton body

Maharashtra to guarantee ₹1800-cr loan by cotton body

08
Feb '20
Pic: Shutterstock
Pic: Shutterstock
The Maharashtra state cabinet recently agreed to guarantee a ₹1,800-crore loan required by the Maharashtra State Cooperative Cotton Growers Marketing Federation (MSCCGMF). The guarantee will be for the loan the federation will take from Bank of India at an annual interest rate of 7.75 per cent for ensuring timely payments to farmers on purchase of cotton in the 2019-20 season.

Between 60,000 quintals and 80,000 quintals of cotton is being purchased daily on an average in the state, a leading producer of the commodity, an official statement said.

At this rate, the federation is expected to purchase 30 lakh to 35 lakh quintals of cotton from farmers in the current season and for this a sum of ₹1,800 is required, a news agency reported citing the statement.

Fibre2Fashion News Desk (DS)


Must ReadView All

Fibre2Fashion: 21 years of serving textile-apparel-fashion industry

Textiles | On 17th Apr 2021

Fibre2Fashion: 21 years of serving textile-apparel-fashion industry

Fibre2Fashion, the online platform for the global...

Pic: Shutterstock

Textiles | On 17th Apr 2021

China's economy grows 18.3% in Q1 2021

Powered by a strong domestic and foreign demand, China's economy grew ...

Pic: Shutterstock

Retail | On 17th Apr 2021

US retail sales saw strong rebound in March: NRF

As government cheques fattened consumers’ bank accounts and more...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Farmers who produce seeds earn 50 per cent more

Footwear Industry, Footwear Retailers

Footwear Industry
Footwear Retailers

Still struggling to mop up higher sales

Textile Industry, Head honchos

Textile Industry
Head honchos

Fashion tech has to be lean and very productive

Bharat Ahuja,

Bharat Ahuja

A mono store brand, <b>Bharat Ahuja's</b> Desire Design Studio has emerged ...

Siddhant Sinha,

Siddhant Sinha

Set up by Pradeep Sinha, a graduate engineer from Manipal Institute of...

Akash Sehgal,

Akash Sehgal

Part of retail and hospitality conglomerate Landmark Group in Dubai,...

Dave Rousse, INDA

Dave Rousse
INDA

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

Daniel Roxbury, University of Rhode Island

Daniel Roxbury
University of Rhode Island

Assistant professor Daniel Roxbury and former URI graduate student...

Sameer Sonkusale & Rachel Owyeung, Tufts University

Sameer Sonkusale & Rachel Owyeung
Tufts University

A team at the Tufts University in Massachusetts was recently in news for...

Sandeep Gonsalves & Sarah Gonsalves, Sarah & Sandeep

Sandeep Gonsalves & Sarah Gonsalves
Sarah & Sandeep

Established in 2012, Sarah &amp; Sandeep is a luxury menswear label...

Megha Kumari & Jigar Mali, Label Megha & Jigar

Megha Kumari & Jigar Mali
Label Megha & Jigar

New Delhi based label Megha &amp; Jigar blends India's unique handcrafts...

Sweta Tantia, Tahweave & Garo

Sweta Tantia
Tahweave & Garo

Designer Sweta Tantia owns Garo, a couture indutva or ethnicwear brand,...

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 2021

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


Advanced Search