New Delhi. The Central government on Wednesday approved a proposal of Rs 17,408 crore to cover the losses incurred by the Cotton Commission of India (CCI) as part of the scheme to provide price support to cotton farmers. This amount is being given to CCI to compensate for the loss in procurement during the cotton season 2014-15 to 2020-21 at the minimum declared price. Information and Broadcasting Minister Anurag Thakur informed about this decision of the Cabinet Committee on Economic Affairs (CCEA) headed by Prime Minister Narendra Modi.
He said that the CCEA has sanctioned an assistance of Rs.17408 crore to the Cotton Commission for the commitment of price support. The cotton marketing season starts from October and continues till September. Government implements price support scheme through CCI to save farmers from fall in cotton prices. According to the government, in the cotton year 2020-21, the area under cotton cultivation was 1.33 hectares and a total of 36 million bales of cotton were produced. India contributes about a quarter of the world’s cotton production.
The government fixes the minimum support price for cotton on the recommendation of the Commission for Agricultural Costs and Prices (CACP). Shri Thakur said that during the last two cotton seasons 2019-21, CCI had procured about two crore bales of cotton, which is equivalent to one-third of the total cotton production during this period. 58 lakh farmers and four crore workers engaged in this work will get help in their livelihood. He said that the government agencies helped the farmers by continuing to procure cotton even during Covid.
Textiles Minister Piyush Goyal said that this decision will protect the interest of farmers. Goyal said on the tweet, ‘The cabinet under the leadership of Prime Minister Narendra Modi has approved the support price of 17,408 crores for implementing the MSP program in the procurement of cotton. This will make the country self-sufficient in cotton cultivation and the interests of about 58 lakh farmers will be protected.
