New Delhi, March 18 -- The Cabinet Committee on Economic Affairs on Wednesday approved Minimum Support Price (MSP) funding of Rs 1,718.56 crore to the Cotton Corporation of India (CCI) for the 2023-24 cotton season.
Announcing the decision, Information and Broadcasting Minister Ashwini Vaishnaw said the allocation is intended to provide direct price support to farmers and protect them from market volatility.
"The MSP operations are designed to safeguard the interests of cotton farmers, especially when market prices fall below the support price," Vaishnav said, adding that the intervention ensures stability in cotton prices and prevents distress sales.
He noted that the move will help guarantee remunerative returns and strengthen the econ...