Skip to main content

Reimbursing losses for cotton MSP operations gets Cabinet nod

The approval will help in price support operations of cotton which helps in stabilising cotton prices and is primarily aimed to safeguard the interests of the farmers and controlling any distress sale


Reimbursing losses for cotton MSP operations gets Cabinet nod
Related Category: Sub Category:

The Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi, today, has given its ex-post facto approval for engaging Maharashtra State Cooperative Cotton Growers Marketing Federation (MSCCGMFL) to undertake Minimum Support Price (MSP) operations in the state of Maharashtra as sub-agent of Cotton Corporation of India (CCI) 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 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 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 stabilising cotton prices and is primarily aimed to safeguard the interests of the farmers and controlling any distress sale.

1 Votes with an average with 5
For more updates, be socially connected with us on
WhatsApp | LinkedIn | Twitter | Facebook

Related Story

COVID-19: Centre promotes Direct Marketing to decongest agri mandis, Photo: Shutterstock
COVID-19: Centre promotes Direct Marketing to decongest agri mandis

In the wake of maintaining social distancing during the trade of agricultural produce amid COVID-19 pandemic, the Department of Agriculture, Government of India has written to the state…

COVID-19: KVIC procures cocoon from Tamil Nadu farmers
COVID-19: KVIC procures cocoon from Tamil Nadu farmers

At a time when the country is struggling hard with COVID-19 pandemic, Khadi and Village Industries Commission (KVIC), an autonomous body under Ministry of MSME, in collaboration with its Khadi…

FARMING BY SATELLITE launches ideas competition
FARMING BY SATELLITE launches ideas competition

Aimed at young farmers as well as trainees and students, principally in the fields of IT, mechanical engineering and agricultural sciences, European GNSS Agency (GSA) and European Environment…


The website encountered an unexpected error. Please try again later.