Cabinet approves expenditure for years (October to September) 2014-15 to 2018-19
The Cabinet Committee on Economic Affairs, chaired by Prime Minister Shri Narendra Modi, has given its ex-post facto approval for engaging Maharashtra State Cooperative Cotton Growers Marketing Federation Ltd. (MSCCGMFL) to undertake Minimum Support Price (MSP)operations in the state of Maharashtra as Sub-agent of Cotton Corporation of India (CCI) Limited during the cotton years 2017-18 and 2018-19.
The CCEA also approved to incur an expenditure of Rs. 312.93 crore (Rs. 311.33 crore for CCI Limited and Rs. 1.60 crore for MSCCGMFL) under Revenue Head for reimbursing the losses to CCI and MSCCGMFL on sale of cotton procured under MSP operations during the cotton years (October to September) 2017-18 and 2018-19.
The CCEA further approved to incur an additional expenditure of Rs. 748.08 crore (Rs. 687.46 crore for CCI Limited and Rs. 60.62 crore for MSCCGMFL) under Revenue Head for reimbursing the losses to CCI and MSCCGMFL on sale of cotton procured under MSP operations during the cotton years (October to September) 2014-15 & 2015-16.
The approval will help in price support operations of cotton which helps in stabilizing cotton prices and is primarily aimed to safeguard the interests of the farmers and controlling any distress sale.
- Industry And Cluster2023.01.28Enhancing Sustainability and circularity in Textiles being implemented by the Textiles Committee with UNEP
- Market Reports2023.01.28THE YARN BAZAAR TIMES
- Business & Policy2023.01.28Business Confidence in India on the Rise, Despite Sequential Decline in First Three Quarters of Fiscal Year 2022-23: NCAER
- Finance & Economy2023.01.28Nepal: Economy Flashes Signals of Hope