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CCI buys 1.26mn quintal cotton this season

11
May '12

Cotton Corporation of India (CCI) has bought 1.26 million quintals of cotton in the ongoing cotton marketing season, Minister of State for Textiles Panabaaka Lakshmi informed the Parliament.

Giving state-wise details she said 265,000 quintals of cotton has been procured by the central agency from the state of Maharashtra at an average price of Rs. 4,075 per quintal, while around 660,000 quintals of cotton have been procured from Gujarat at an average price of Rs. 4,448 per quintal.

Also, 209,000 quintals of cotton has been procured from the state of Andhra Pradesh at an average price of Rs. 3,949 per quintal, she added.

In response to a question whether the CCI needs to procure a certain quantity of cotton from the state of Andhra Pradesh, she said neither the state nor the farming community has made such request to the CCI.

CCI also procured 126,000 quintals of cotton from other states at an average price of Rs. 4,185 per quintal during the current season, the Parliament was informed.

The central agency procures cotton from the country under market intervention scheme, implemented to save farmers from selling their crop out of distress, when there is bumper production and prices are likely to dip below the production cost.

Fibre2fashion News Desk - India

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