Last Updated : 05 November 2012 at 15:40 IST
India prepares for Cotton procurement at MSP rates
Source :ET
The Cotton Corporation of India (CCI) as well as National Agricultural Cooperative Marketing Federation of India (Nafed) are in top gear for the procurement drive that would see Punjab, Haryana, Rajasthan, Gujarat, Maharashtra and Andhra Pradesh farmers supplying cotton.
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AHMEDABAD (Commodity Online): Following the Chinese govt, India govt in anticipation of a price fall is readying itself for procurement of cotton. Traders and government officials across Punjab and Gujarat, however remain optimistic about the prices to quote above Rs.3,600-3,900 per quintal which is the Minismum Support Price.
The Cotton Corporation of India (CCI) as well as National Agricultural Cooperative Marketing Federation of India (Nafed) are in top gear for the procurement drive that would see Punjab, Haryana, Rajasthan, Gujarat, Maharashtra and Andhra Pradesh farmers supplying cotton.
To date the CCI has purchased 20,000 bales of cotton from the state of Andhra Pradesh through a score of centers at MSP rate. The initiative is also having a robust momentun in Punjab where 3000 bales of cotton has been procured from 7 procurement centres.
"Current arrivals in mandis are slow, which are expected to pick up post-Diwali. Farmers are holding the crop as on date, ensuring firm prices," says RC Sarkar, GM-marketing, CCI to The Economic Times. In 2011-12 marketing season, the CCI had procured 3.48 lakh bales.
Meanwhile, in Gujarat, Gujarat State Co-operative Cotton Federation will open 18 centres. "We will be directly procuring cotton from farmers and making payment in 7 working days. After mid-November if prices fall below the MSP, we will enter," says SK Verma, GM (Cotton), Nafed.
The CCI and Nafed have demarcated territories to procure cotton.
The Maharashtra State Cooperative Cotton Growers Marketing Federation is reported to source cotton for Nafed and is expected to open 109 centres in Maharashtra. It could also enter Andhra Pradesh hand-in-hand with National Spot Exchange Limited.
