Cotton Corporation of India has signed an agreement with Central Warehousing Corporation to store cotton purchased under the minimum support price this year. As per the MoU, CWC shall provide scientific storage facility to CCI for storing fully-pressed bales, tarpaulins, pally/Hessian and grey cotton cloth bales in own and hired godowns.
In addition, CWC will provide management services to the godowns hired by CCI.
The new season begins in October. With an eye on general elections, the BJP Government recently raised the MSP on medium-staple fibre cotton by 28 per cent to ₹5,150 per quintal and long-staple by 26 per cent to ₹5,450. The procurement is expected to be higher this year with private mills trimming purchases due to high prices.