CCI Procures 33 Lakh Bales of Cotton at MSP This Season
By 2024-08-03 11:15:36
This Season, CCI Acquires 33 Lakh Cotton Bales at MSP
The Cotton Corporation of India (CCI) has procured 33 lakh bales of cotton at the Minimum Support Price (MSP) from farmers during the current cotton season, which will end next month.
CCI CMD Lalit Kumar Gupta Ji informed that the CCI conducts two e-auctions daily—one for textile mills and another for all buyers. Offtake by mills has been low due to existing yarn stocks and a slowdown in demand. For almost 25 days, only 25,000-30,000 bales were sold daily. However, sales picked up on Thursday, reaching 20,000 bales. Currently, the CCI holds a stock of nearly 20 lakh bales.
"We need to be prepared for the next cotton season, starting in October, as we anticipate substantial MSP operations," Gupta Ji said.
To encourage sales to textile mills, the CCI allows mills to take delivery within 60 days from August 1 and has urged mills to secure their stock requirements for the current cotton season.
