Govt Seeks Industry Views On Futures Trade In Cotton

Union agriculture minister Chaturanan Mishra yesterday sought opinion of cotton-growers and other experts on introducing futures trade in cotton to protect the farmers from the vagaries of market.

Releasing two varieties of cotton seeds and hybrids at a function at the Central Institute for Cotton Research regional station here, Mishra said the cotton-growers were exploited by traders and mill-owners without giving the right price for their produce.

He said by futures trade, the prices of the produce would be stabilised and both the traders and growers could be the beneficiaries.

Mishra said a committee, headed by Rajya Sabha member Giriprasad, was looking into both good and bad sides of futures trade and would submit its report soon. The committee will also look into the exploitation of farmers by the traders, he said. If found suitable, the government would decide whether to introduce futures trade in cotton industry, the minister said.

 

He said that benefit of research in the country had yet to reach the farmers and appealed to the scientists to help the farmers to raise the productivity through their research.

Mishra also urged the mill owners to keep little per cent of their profit for the benefit of research and farmers.

Saying that as in the sugar industry where it was doing some extension work to help the sugarcane growers, the cotton industry should also come forward to help the farmers to raise the productivity. He urged the cotton mill owners to keep at least one per cent of their profit for research work.

He cautioned the industries not to depend upon government for everything including subsidy. Even Indian capitalism wants subsidy from the government, Mishra quipped.

The government is friendly to trade, but tragedy is that trade is not friendly to the government, Mishra said and warned that such an attitude would not be tolerated any more.

As the country has opened its gate to the world, it has to face competition from not only developed countries, but also from the developing countries.

To cope up with the situation, the industry should ensure that productivity and quality of our produce were raised to international standard. Then only can India survive in this world of competition, the agriculture minister said.