Government approves Rs 17,408 crore MSP funding to Cotton Corporation of India
In a move to support Cotton farmers, the Government of India has approved the MSP funding of Rs 17,408 crore to CCI. The funding has been granted to CCI for direct support to farmers for cotton seasons spanning from 2014-15 to 2020-21. The most important cash crop Cotton plays a big role in sustaining the livelihood of over 58 lakh farmers engaged in cotton farming.
As per an estimate over 400-500 lakh people are engaged in various activities related to cotton processing as well as trade. The area under cultivation for cotton was 133 lakh hectare in 2020-21 with production estimated to 360 lakh bales accounting for over 25 per cent of total cotton production across the globe.
The CCI procured over one third of the total cotton production in the country in the last two cotton seasons from 2019 to 2021 during the global pandemic. It was about 200 lakh bales and CCI disbursed more than Rs.55,000/- crores directly to the 40 lakh cotton farmers in their bank accounts. The CCI has made adequate arrangements in all the 11 major cotton growing states for the current cotton season—October 2021 to September 2021. It has opened 474 cotton procurement centres across 143 districts with aim to meet any eventuality.
