The Centre on Saturday approved an additional expenditure of Rs 748.08 crore for Cotton Corporation of India andMaharashtra State Cooperative Cotton Growers Marketing Federation towards reimbursement of losseson sale of cotton procured under MSP operations during cotton years 2014-15 and 2015-16.
It also approvedan expenditure of Rs 312.93 crore for reimbursing the losses to CCI and MSCCGMFL on sale of cotton procured under minimum support price (MSP) operations during cotton years 2017-18 and 2018-19.
The cotton year is fromOctober to September.
The decisions were taken by the Cabinet Committee on Economic Affairs (CCEA), which also accorded ex-post facto approval for engaging Maharashtra State Cooperative Cotton Growers Marketing Federation Ltd (MSCCGMFL) to undertake MSP operations in the state of Maharashtra as sub-agent of Cotton Corporation of India (CCI) Limited during the cotton years 2017-18 and 2018-19.
"The approval will help in price support operations of cotton which helps in stabilizing cotton prices and is primarily aimed to safeguard the interests of the farmers and controlling any distress sale," an official statement said.
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app