Ready to procure 100 lakh quintals of cotton, says Federation

NAGPUR: The city-based Maharashtra State Co-Operative Cotton Growers Marketing Federation today said it is ready to procure up to 100 lakh quintals of cotton as against the 27 lakh quintals it had purchased last season.

"This year, about 370 lakh quintals of cotton yield is expected and the Centre has fixed the minimum support price ( MSP) of Banni Bramha quality at Rs 4,100 per quintal," Federation chairman Dr N P Hirani told reporters in a press conference here today.

The MSP has been fixed as per the fair average quality ( FAQ), he said adding, "this year, the Federation is willing to procure 100 lakh quintals of cotton as against 27 lakh quintals last season."

The process of procuring cotton began today and as many as 96 procurement centres will be opened in the three phases of purchases, according to Hirani.

"From this year, the cotton growers will get payment of their produce through Real Time Gross Settlement (RTGS) and National Electronic Fund Transfer (NEFT) modes and the amount will be deposited in their bank accounts. This way, the age-old practice of issuance of cheques will be discontinued," he added.

About Rs 1,066.40 crore was paid by the Federation to the cotton growers last year, he said in response to a question.