Indian Government will soon commence purchase of cotton to save farmers from distress selling. Union Urban Development Minister Venkaiah Naidu has asked the Cotton Corporation of India (CCI) to open 58 large-scale procurement centres in Telangana and start purchasing cotton by October 23.
The country has reportedly spent US $2.5 billion to buy 8.7 million bales of cotton at MSP in the marketing year that ended on September 30 compared to just 400,000 bales previous year. “So far we have opened 50 procurement centres. We could open 300 centres across the country like last year. We haven’t fixed any procurement target for the current year, but we will buy as much as farmers want to sell,” informed BK Mishra Chairman and MD, CCI.
