The Cabinet Committee on Economic Affairs (CCEA) on November 10, 2021 approved a committed price support of Rs 17,408.85 crore to the Cotton Corporation of India (CCI) as reimbursement for its losses in procuring crops from farmers at minimum support prices (MSP) over the past seven years.
- The CCI is mandated to procure all Fair Average Quality grade cotton from farmers without any quantitative ceiling, as and when prices follow below the MSP rates set by the Centre, in a bid to protect farmers from distress sales.
- Over the last two seasons during the pandemic, the CCI procured a third of the country’s cotton production, paying 40 lakh farmers more than Rs 55,000 crore.
- MSP operations being sovereign function in nature motivates cotton farmers in the country to keep their sustained interest in cotton cultivation so as to make India Atambirbhar for quality cotton which is a raw material for spinning industry.
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