There is an expected slump in cotton output by 5-10 lakh bales likely this year and an expected rise of cotton prices as some farmers from Telangana have demanded an MSP of Rs 5,000 per quintal.
Earlier, during his meeting with farmers, Union Textiles Minister Santosh Kumar Gangwar had said the minimum support price (MSP) for cotton has been fixed at Rs 3,936-4,100 per quintal, depending on the moisture content.
But his ministry is in constant touch with the Finance Ministry for revising the price upwards.
According to the Chairman and MD of The Cotton Corporation of India (CCI) the production will be less than the last year's by 5-10 lakh bales. This year, they expect around 370 lakh bales because the overall acreage has shrunk.
Cotton Corporation of India is engaged in diverse activities related to trade, procurement, and export of cotton. CCI is a public sector agency responsible for equitable distribution of cotton among the different constituents of the industry and aid imports of cotton.
The Union Textiles Minister Santosh Kumar Gangwar had given the assurance that CCI will buy all the cotton headed for procurement centres.
As many as 84 cotton procurement centres will be opened this year from October 10 onwards.
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