The government hoped that such interventions would play a key role in stabilizing cotton prices, preventing distress sales and ensuring profitable yields for farmers. | Photo credit: NAGARA GOPAL
The Cabinet Committee on Economic Affairs (CCEA) has approved funding of ₹ 1,718.56 crore for the Cotton Corporation of India (CCI) to meet the minimum support price (MSP) requirements for the 2023-24 cotton season. The government said the funding is aimed at providing direct price support to cotton farmers across the country.
The government hoped that such interventions would play a key role in stabilizing cotton prices, preventing distress sales and ensuring profitable yields for farmers. “By increasing inclusiveness in agricultural markets, SME operations significantly contribute to the economic security of cotton-growing communities,” the government said in a report. The MSP per quintal of medium cotton was ₹6,620 and for long staple cotton it was ₹7,020 in the 2023-24 season.
The government report added that cotton remains one of India’s most important cash crops, sustaining the livelihood of around 60 million farmers and supporting 400-500 million people involved in allied activities, including processing, trade and textiles. “During the 2023-2024 cotton season, the cultivated area was estimated at 114.47 lakh hectares with a production of 325.22 lakh bales, which is nearly 25% of the global cotton production,” the report said. The Cotton Corporation of India was the central nodal agency for carrying out the operations of MSP in the field of cotton.
Published – 18 March 2026 21:03 IST
