Indian Government gives thumbs up to MSP operations for cotton year 2014-15

The Cabinet Committee on Economic Affairs has approved engaging the Maharashtra State Co-operative Cotton Growers Marketing Federation Ltd. (MSCCGMFL) to undertake MSP operations as a sub-agent of the Cotton Corporation of India during the cotton season 2014-15.

A statement by the Government stated this that decision will help in price support operations of 110 lakh bales (100 lakh bales by CCI and 10 lakh bales by MSCCGMFL) during the current cotton season to stabilize cotton prices and alleviate farmers’ distress. MSP for cotton was fixed at Rs. 3,750 for medium staple and Rs. 4,050 for long staple for the stated year.