AgroStar Krishi Gyaan
24 Mar 20, 01:00 PM
Krishi VaartaOutlook Agriculture
Rs 1,061 crore Sanctioned to Make Up for Loss of Cotton Sale
New Delhi. In 2014-15 and 2015-16, the Central Government purchased cotton from the Cotton Corporation of India (CCI) and the Maharashtra Pradesh Cooperative Cotton Farmer Marketing Federation (MSCCGMFL) 748.08 crore for increased investment in the form of MSP activities.
The Government has authorised the investment of Rs 312.93 crore to reimburse CCI and MSCCGMFL for the sale of cotton purchased at the minimum support price (MSP) during the years 2017-18 and 2018-19. Such decisions were made at the meeting of the Cabinet Committee on Economic Affairs (CCEA).
The official statement claimed that the approval would aid cotton price support operations, which help to maintain cotton prices and, in particular, protect farmers ' interests and deter any selling of fear. In the current crop season, beginning on 1 October 2019, CCI purchased 79 lakh bales of cotton (one lump-170 kg) at the minimum price of aid until 11 March.
Source: Outlook Agriculture, 23 March 2020
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