According P Alli Rani, Chairman-cum-Managing Director of the Cotton Corporation of India (CCI), India’s CCI has purchased 10,000 bales over the last few days for its commercial account due to low prices. She stated that 70 lakh bales have been purchased under the Minimum Support Price (MSP) operations till now. Nearly 65 per cent of the cotton has arrived in the market, she said.
Nearly 53 per cent of cotton procured so far this season is from Telangana. Gujarat, Maharashtra and Telangana are the top three cotton growing states in the country. Though there has been a marginal rise in buying for the commercial account, the state-run corporation is hard pressed as MSP purchases are in full swing, Rani commented.
This is probably the first time the commercial purchase is happening alongside the MSP operations. The MSP for medium-staple variety of cotton is ₹5,255 per quintal and ₹5,550 per quintal for long staple cotton. She said CCI is likely to purchase nearly 80 lakh bales under MSP operations for this season and could even buy up to 96 lakh bales subject to market conditions.
