Home / Knowledge / News / Textiles / CCI to procure Rs 12,000 crore worth cotton this season
CCI to procure Rs 12,000 crore worth cotton this season
27
Nov '14
Following the continuing fall in cotton prices and prices slipping below the minimum support price (MSP) of the government, Indian state-owned Cotton Corporation of India (CCI) will procure cotton worth Rs 12,000 crore this season.

CCI which currently has an inventory of 800,000 bales (of 170 kg each) of cotton is expected to purchase 6 million bales from states like Maharashtra, Andhra Pradesh, Telangana and Gujarat.

“Funds would be garnered from a consortium of 14 banks led by Bank of Baroda, BK Mishra, CMD at CCI said, while speaking at a cotton conference in Mumbai and added that till date CCI has bought 800,000 bales of cotton.

For the 2014-15 season, the government has fixed an MSP of Rs 3,750 per quintal for medium staple cotton and Rs 4,050 for long staple cotton and current market prices of cotton have gone down below the MSP.

Depending on market conditions, CCI plans to offload cotton inventory over the next 15 months and going by current price trends and future forecasts, Mishra does not expect the state cotton buyer to export the white gold this season.

Led by a marginal decline in production in Gujarat, Cotton Association of India (CAI) has estimated India’s 2014-15 season cotton output at 40.55 million as against 40.72 bales in the 2013-14 season, however will be larger than that of China, which for years has been the topmost cotton producer. (AR)

Fibre2fashion News Desk - India


Must ReadView All

Pic: Shutterstock

E-commerce | On 10th Jul 2020

Commonwealth, ILO join partnership for inclusive e-com

The global 'eTrade for All' initiative, which aims at making digital...

Pic: BRC - Fair Deal for Consumers / July 2020

Apparel/Garments | On 10th Jul 2020

Time is running out for UK to reach trade deals: BRC

Achieving a UK-EU deal capable of being implemented in January 2021...

Pic: Bed Bath & Beyond

Retail | On 10th Jul 2020

Bed Bath & Beyond plans to shut 200 stores in two years

Bed Bath & Beyond, a US-based omnichannel retailer, has announced...

Interviews View All

Amrit Sethia, SOIE

Amrit Sethia
SOIE

‘The intimatewear category in India is slowly becoming trend-sensitive.’

Kamlesh Vaghela, RK Textiles

Kamlesh Vaghela
RK Textiles

Very few machinery manufacturers have R&D units

Stefan Warnaar, Peak to Plateau

Stefan Warnaar
Peak to Plateau

People are willing to pay for quality and performance

Anurag Mohota,

Anurag Mohota

Located in the heart of cotton growing belt of India, Gimatex is a...

Pratik Agarwal,

Pratik Agarwal

Breya is a brand of Indo-Western clothes for women owned by ABP Apparels...

Siddhachakra Weaving (Badiya Fashion),

Siddhachakra Weaving (Badiya Fashion)

Ahmedabad-based Siddhachakra Weaving Pvt Ltd was established in 2011 under ...

Marcel Alberts, Eurofibers

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Matthew Kolmes, Supreme Corporation

Matthew Kolmes
Supreme Corporation

Supreme Corporation manufactures innovative specialty yarns and safety...

Sven Ghyselinck, Devan Chemical

Sven Ghyselinck
Devan Chemical

Headquartered in Belgium and with offices in the United Kingdom, Portugal...

Silvia Venturini Fendi, Fendi s.r.l

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Joe Ikareth, Joe Ikareth

Joe Ikareth
Joe Ikareth

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

Sandeep and Sarah Shaikh Gonsalves, SS Homme

Sandeep and Sarah Shaikh Gonsalves
SS Homme

SS Homme celebrates the craft of traditional tailoring through the bespoke ...

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


July 2020

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


Advanced Search