The Cotton Corporation of India (CCI) has increased the amount of cotton it purchases due to a rise in the arrival of cotton in Madhya Pradesh’s spot markets and a downward trend in prices. As of December 25, the CCI, a nodal agency under the Ministry of Textile for trade and cotton procurement, had acquired about 55,000 bales of raw cotton, all at the minimum support price (MSP) set by the government.
The minimum price per quintal (MSP) for medium-staple cotton is Rs 6,620, and for long-staple cotton it is Rs 7,020. An unnamed CCI representative said, “We have so far acquired 55,000 bales of cotton in the state.” We will keep running our procurement operations with more arrivals and low or near-MSP pricing. The present declines in pricing shouldn’t cause farmers to lose hope.
Cotton dealers estimate that about 40,000 quintals of cotton arrive in Madhya Pradesh’s spot markets each day, with CCI buying more than 60% of the crop. Before obtaining the produce from farmers, the nodal agency carefully examines the crop’s quality criteria and moisture content. To help with the purchase process, CCI established 21 procurement centers in Madhya Pradesh, mostly in the Nimar and Malwa regions.
