Maharashtra cotton federation starts purchase

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Nagpur-based Maharashtra State Co-Operative Cotton Growers Marketing Federation has said it is ready to procure up to 100 lakh quintals of cotton as against the 27 lakh quintals it had purchased last season, according to media reports.

The Federation opened 20 procurement centres on November 5 and November 6. A total of 96 procurement centres will be opened in the three phases of purchases. The procurement process was advanced by ten days as the Federation had earlier planned opening of the season on November 15.

“This year, about 370 lakh quintals of cotton yield is expected and the Centre has fixed the minimum support price (MSP) of Banni Bramha quality at Rs 4,100 per quintal,” Federation chairman Dr N P Hirani said in a press conference in Nagpur.

The MSP has been fixed as per the fair average quality, he said adding, “this year, the Federation is willing to procure 100 lakh quintals of cotton as against 27 lakh quintals last season.”

“From this year, the cotton growers will get payment of their produce through Real Time Gross Settlement (RTGS) and National Electronic Fund Transfer (NEFT) modes and the amount will be deposited in their bank accounts. This way, the age-old practice of issuance of cheques will be discontinued,” he added.

Hirani said cotton acreage had shrunk by 7.81 per cent in Maharashtra. This year cotton was sowed on 38.27 lakh ha in the state, down from last year’s 41.92 lakh ha.

Hirani said the cotton yield domestically was expected to be good at 370 lakh bales. In Maharashra around 375 lakh quintal yield was expected. But the global and domestic scenario was not favourable and prices would remain subdued. There was huge carry forward stock of unsold cotton from last year and demand was low from textile mills in the country. (SH)

Source: Free Textile and Fashion Industry News RSS XML Feeds – Fibre2fashion

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