India: Cotton Corporation of India procures 12.6 lakh quintal cotton in this season

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NEW DELHI: The Cotton Corporation of India (CCI) has procured more than 12 lakh quintals of cotton in the current marketing year, Parliament was informed.

Providing details of cotton procurement across the country to the Lok Sabha in a written reply, Minister of State for Textiles Panabaaka Lakshmi said the central agency purchased 2.09 lakh quintals of cotton from growers in Andhra Pradesh at average price of Rs 3,949 per quintal.

In Maharashtra, 2.65 lakh quintals at an average price of Rs 4,075/quintal were purchased, while 6.6 lakh quintals an average price of Rs 4,448 per quintal were procured in Gujarat. In other states, 1.26 lakh quintals at a rate of Rs 4,185/quintal were procured in the current marketing year, Lakshmi said.

The cotton season runs from October to September. “The prices of cotton are ruling well above minimum support price (MSP) levels,” she said on a question whether the government has noticed cotton prices have shored up after the intervention of CCI in the country.

However, she ruled out the possibility of a dispute between the Ministries of Textiles and Agriculture over fixing the MSP of cotton.

In an another reply, Lakshmi said that the revenue realised from sale of surplus assets of National Textiles Corporation (NTC) was Rs 2,591 crore in the last three years.

The funds utilised for modernisation during the period was Rs 61.2 crore. “Expenditures have also been incurred on payment of modified voluntary retirement scheme (MVRS) compensation, clearing outstanding dues, margin money for working capital, etc.”

NTC was established to manage the affairs of existing sick textiles undertakings which were taken over through three Acts of Nationalisation.

The state-wise production by NTC mills in 2011-12 is estimated to be Rs 73,882.5 lakh, she said.

Source: http://economictimes.indiatimes.com/news/economy/agriculture/cotton-corporation-of-india-procures-12-6-lakh-quintal-cotton-in-this-season/articleshow/13037419.cms

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