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Tuesday, June 25, 2024

India’s interim budget sees higher allocation for cotton procurement

The Indian interim budget for fiscal 2024-25 saw a higher allocation for cotton procurement, which will ensure price stability and discourage speculative trading.

Rakesh Mehra, Chairman of the Confederation of Indian Textile Industry (CITI), informed us of this in a statement.

“The budget allocation for textiles has increased by 27.6 percent, mainly due to the allocation of INR 600 crore to Cotton Corporation of India (CCI) towards cotton minimum support price (MSP) activities.

CITI has recommended commencing selling CCI cotton from February or March, depending upon the arrival pattern, and by retaining the MSP procured cotton as a buffer stock.

The trade body also suggested releasing the cotton whenever the Indian cotton price exceeds the international price and extending a uniform fee period of 60 days for all the actual users.

The Indian textile industry sought immediate relief from the financial stress through the budget.

However, the Indian Finance Minister did not make any significant policy announcements, as the central budget will be announced after the general election scheduled in May 2024.

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