Government's Boost: Rs 1,718.56 Crore MSP Funding for Cotton Farmers
The Indian government has approved a Rs 1,718.56 crore fund to support cotton procurement operations by the Cotton Corporation of India. This initiative aims to bolster farmer welfare and aligns with the Aatmanirbhar Bharat vision, providing essential price support to cotton farmers nationwide.
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The Cabinet Committee on Economic Affairs has sanctioned Rs 1,718.56 crore for the Cotton Corporation of India's procurement operations. This decision, led by Prime Minister Narendra Modi, is part of efforts to enhance farmer welfare and forward the vision of Aatmanirbhar Bharat.
The funding will be used to provide direct price support to cotton farmers as part of the Minimum Support Price (MSP) system. The Centre, following recommendations from the Commission for Agricultural Costs and Prices, sets the MSP for seed cotton, or kapas.
Designating the CCI as the nodal agency for MSP operations, the government ensures that the corporation can procure quality cotton when market prices dip below the MSP. This move supports around 60 lakh farmers and many others involved in related sectors, highlighting cotton's importance as a cash crop in India.
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