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India:Textiles Minister Shankersinh Vaghela says Govt to
continue procuring cotton |
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2005-3-8
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In a measure that will help farmers who have cultivated a bumper crop, the Central government has reaffirmed its support towards procurement of cotton from the market at the minimum support price (MSP) irrespective of losses, said Textiles Minister Shankersinh Vaghela.
He catergorically stated that "The government, through Cotton Corporation of India (CCI), will procure cotton from the market till the last day of the season."
According to him, the CCI losses will mount to an estimated Rs 300 crore and that to the Maharashtra government will stand at Rs 1,500 crore, he said.
"Whatever may be the loss, the government will be there in the market throughout the season. It will procure maximum cotton arrivals at MSP to help farmers," he assured.
Total arrivals expected now is 3,30,000 lakh bales as the estimated crop size is 213 lakh bales this season, he added.
Meanwhile, the Textile Commissioner Subodh Kumar said the loss to CCI for cotton procurement will be borne by the central government. "At
present, CCI is a profit-making body. Last year, we had a profit of Rs 12 crore. The loss incurred in procurement will be reimbursed after the season," he added.
CCI procurement has touched 2,30,000 lakh bales this season, and it plans to export 6.5 lakh bales by March-end, he rounded off. |
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