The Cotton Corporation of India (CCI) expects a drop of 5-10 lakh bales in cotton production this year as against the previous one.
"The production will be less than the last year's by 5-10 lakh bales. This year, we expect around 370 lakh bales because the overall acreage has shrunk," B K Mishra, Chairman and MD of CCI, told reporters.
As many as 84 cotton procurement centres will be opened this year from October 10 onwards, he said.
Earlier, during his meeting with farmers, Union Textiles Minister Santosh Kumar Gangwar had said the minimum support price (MSP) for cotton has been fixed at Rs 3,936-4,100 per quintal, depending on the moisture content. But his ministry is in constant touch with the Finance Ministry for revising the price upwards.
Some farmers from Telangana have demanded an MSP of Rs 5,000 per quintal.
The Minister had given the assurance that CCI will buy all the cotton headed for procurement centres.
