The Cotton Corporation of India (CCI) has successfully procured approximately 32.85 lakh bales of cotton at the minimum support price (MSP) in the ongoing 2023-24 marketing season. Lalit Kumar Gupta, Chairman & Managing Director of CCI, revealed that a significant portion of the procurement, around 24 lakh bales, was sourced from Telangana, with the remaining bales acquired from various other states.
In Maharashtra, CCI’s cotton procurement reached 2.44 lakh bales by March 27, 2024, followed by 1.30 lakh bales in Andhra Pradesh, and 1.27 lakh bales in Madhya Pradesh. Gujarat, Odisha, and Karnataka contributed 0.91 lakh, 0.95 lakh, and 0.62 lakh bales, respectively. Other states like Rajasthan, Haryana, and Punjab also witnessed cotton procurement by CCI.
Gupta stated that CCI has already procured a substantial proportion of India’s cotton crop for the season. To meet the increasing demand, the Committee on Cotton Production and Consumption revised the crop estimates to 323.11 lakh bales, up from the previous projections of 316.57 lakh bales. This adjustment was based on the Ministry of Agriculture’s second advanced estimate.
As market prices have exceeded MSP levels, CCI’s procurement activities have slowed down since early February. With prices currently 7-8% higher than MSP, farmers prefer selling in the open market. Despite this, CCI remains prepared to intervene when necessary, monitoring market dynamics closely.
Additionally, CCI has introduced the Kasturi Cotton Bharat, a certified cotton variety, aimed at enhancing India’s cotton competitiveness globally. Gupta disclosed that approximately 5,000 bales have already been sold, with a premium received due to the superior quality of the product. This initiative is a collaborative effort involving the Ministry of Textiles, CCI, trade bodies, and industry stakeholders to ensure branding, traceability, and certification of Indian cotton, fostering sustainability and efficiency in the cotton sector.
