In a major step towards strengthening farmer welfare and advancing the vision of Aatmanirbhar Bharat, the Cabinet Committee on Economic Affairs chaired by Prime Minister Narendra Modi on Wednesday approved Minimum Support Price (MSP) funding of Rs.1,718.56 crore to the Cotton Corporation of India (CCI) for the cotton season 2023–24.
Reacting to the steep tariff hikes imposed by the US on Indian imports, Aam Aadmi Party (AAP) National Convenor Arvind Kejriwal on Thursday demanded that India should impose 100 per cent tariffs on US goods in retaliation to Washington’s move.
A day after the imposition of Trump tariffs on Indian goods, the central government announced the extension of the import duty exemption on cotton (HS 5201) from 30th September 2025 till 31st December 2025.
In a significant move to support farmers, the Haryana Government has issued a notification to procure 24 crops from farmers in the state at the Minimum Support Price (MSP).
Ahead of the Assembly polls in Maharashtra, Congress said on Wednesday that the soybean and cotton farmers have been left to fend for themselves under the Mahayuti government in the state.
The Cotton Association of India has retained its cotton crop estimate for the 2022-23 season at 344 lakh bales (1 bale equals 170 kg). The exports for the season 2022-23 are estimated at 30 lakh bales, against the previous year's 43 lakh bales.
According to the Tamil Nadu Spinning Association and reports from other places, the average price of cotton was Rs35,000 a candy (345 kg) in October 2020 and it rose to Rs 55,000 in October 2021, when the new cotton season started.
The first meeting of the council has been scheduled for 28 May. It will discuss, deliberate and prepare a robust action plan for bringing out a tangible improvement in this field.
The Centre termed this decision as a necessity to help the textile industry cope with the raw material shortages. The Finance Ministry says that the scrapping of import duties was necessitated due to below-expected yields in the country and surge in domestic cotton prices.
The Central Board of Indirect Taxes and Customs (CBIC) has notified the exemption from Customs duty and Agriculture Infrastructure development Cess for import of cotton.
