CCI to Export 10 lakh Bales of Cotton
The Cotton Corporation of India (CCI) is now planning to export at least 10 lakh bales of cotton in the present season. This plan was put forward by the CCI Chairman-Cum Managing Director Pradeep Kumar Agarwal.
- As per the reports, CCI had procured around 85 lakh bales of cotton at minimum support price (MSP) since the start of the ongoing cotton season i.e. October 2020-September 2021.
- As the cotton prices rising, the CCI had reduced the cotton purchases at MSP.
- The farmers are getting better prices for their cotton produce.
- Thus the daily purchase of CCI has decreased to 40,000 to 50,000 bales of cotton in a day from around 2 lakh bales in a day just a few weeks ago.
- The CCI is mainly active in Maharashtra and Telangana. The Corporation will continue to be in the market till the end of the season.
- Out of the total cotton procured by CCI so far, it had sold 12 lakh bales to the domestic textile sector.
- As of now, the CCI has exported around 25,000 bales of cotton.
- Now, CCI is planning to export at least 10 lakh bales this season and it is expected that the majority of this export would be to Bangladesh.
Agreement expected between India and Bangladesh
It is expected that India and Bangladesh will sign an agreement for cotton export. In addition to this, cotton exports to other countries can also take place through merchant exporters.
Cotton Corporation of India (CCI)
It is an agency under the government of India that is involved in the procurement, trade, and export of cotton in the country. It was founded in the year 1970 and is headquartered in Mumbai, Maharashtra.