New Delhi [India], Mar 21 : The Cabinet Committee on Economic Affairs (CCEA) has given its ex-post facto approval for engaging Maharashtra State Cooperative Cotton Growers Marketing Federation Ltd (MSCCGMFL) to undertake the Minimum Support Price (MSP) operations in Maharashtra as sub-agent of the Cotton Corporation of India (CCI) Limited during the cotton years 2017-18 and 2018-19.
"The Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi, has given its ex-post facto approval for engaging Maharashtra State Cooperative Cotton Growers Marketing Federation Ltd. (MSCCGMFL) to undertake Minimum Support Price (MSP) operations in the state of Maharashtra as Sub-agent of Cotton Corporation of India (CCI) Limited during the cotton years 2017-18 and 2018-19," an official release dated March 12 said.
The Cabinet also approved to incur an expenditure of Rs 312.93 crore (Rs 311.33 crore for CCI Limited and Rs 1.60 crore for MSCCGMFL) under the revenue head for reimbursing the losses to CCI and MSCCGMFL on the sale of cotton procured under MSP operations during the cotton years (October to September) 2017-18 and 2018-19.
"The CCEA further approved to incur an additional expenditure of Rs 748.08 crore (Rs 687.46 crore for CCI Limited and Rs 60.62 crore for MSCCGMFL) under the revenue head for reimbursing the losses to CCI and MSCCGMFL on the sale of cotton procured under MSP operations during the cotton years (October to September) 2014-15 and 2015-16," reads the release.
"The approval will help in price support operations of cotton, which helps in stabilising cotton prices and is primarily aimed to safeguard the interests of the farmers and controlling any distress sale," added the release.
( With inputs from ANI )