Last Updated : 15 June 2012 at 11:25 IST
India raises minimum support price for cotton
Source :Commodity Online
The increase in minimum support price for cotton has been given to encourage farmers to grow more food and cash crops to boost the Indian economy. Indian economy has been witnessing sluggish growth and increase in inflation since last year.
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COIMBATORE, INDIA (Commodity Online): India Government has raised the minimum support price (MSP) for medium staple cotton to Rupees 3,600 (US $65.45) per quintal (100 Kgs).
The Committee on Economic Affairs of the Government of India on Thursday (15th June, 2012) has raised the minimum price for medium staple cotton by Rupees 800 (US$ 14.54) per quintal from its last year rate for the 2012-13 period. This sets the MSP to be Rupees 3,600 per quintal (US$ 65.45/quintal). The MSP for medium staple cotton for 2011-12 was Rupees 2,800/quintal (US$ 50.90/quintal). The MSP for long staple has been fixed at Rupees 3,900/quintal (US$ 70.90/quintal) for 2012-13.
The increase has been given to encourage farmers to grow more food and cash crops to boost the Indian economy. Indian economy has been witnessing sluggish growth and increase in inflation since last year. The government is under pressure to grow the economy.
(The author is an Associate Professor in Non-Wovens at Texas Tech University, USA)
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