Cabinet approves MSP funding to CCI for for direct support to cotton farmers

Cabinet Committee on Economic Affairs has approved Minimum Support Price (MSP) funding of Rs.1,718.56 crore to the Cotton Corporation of India (CCI) for the cotton season 2023'24. This funding aims to provide direct price support to cotton farmers across the country. The MSP operations are undertaken to safeguard the interests of cotton farmers, particularly during periods when market prices fall below the MSP. Cotton remains one of India's most vital cash crops, sustaining the livelihoods of approximately 60 lakh farmers and supporting 400'500 lakh people engaged in allied activities, including processing, trade, and textiles. During the 2023'24 cotton season, the area under cultivation was estimated at 114.47 lakh hectares, with production pegged at 325.22 lakh bales, accounting for nearly 25% of global cotton output.

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