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CCI Makes Record Cotton Procurement Worth 25,000 Cr

22 May 2020 10:57 am
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Mumbai (Commodities Control) – Cotton Corporation of India (CCI) has made record purchases of 92 Lakh bales this year across the nation. Infact CCI has become only the single agency in the world to undertake largest cotton procurement, in the World, so far.

In value terms, CCI’s cotton procurement is worth record 25,000 Crores. The agency has procured cotton at MSP of around Rs 5255-5550/Quintal, much higher than the market price, directly from farmers.

It is to be noted that out of 360 lakh bales of cotton crop this year, around 300 lakh bales has arrived. Farmers hold the remaining, around 60 lakh bales of stock. Around 25 lakh bales of this stock are expected in the market, out of which CCI is expected to pick 10 lakh bales. Company is currently procuring nearly 45,000 bales per day.

CCI is procuring nearly 15,000 bales per day in Maharashtra. Despite easing restrictions, cotton federation and CCI’s procurement drive did not receive any support from the state ginners. However after Government intervention, procurement commenced.

Government Cotton procurement in Maharashtra started on May 3rd. Meanwhile state government has cancelled licenses of Yavatmal line units.


 
However, Pradeep Jain of Khandesh Ginners & Press Owners claims that nearly 70-80% of the spinners have resumed operations in the state. 

(Commodities Control Bureau)


       
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