The harvesting of Kharif crops is going on and the government has started preparations for its purchase at the support price. This year, the government has increased the target of cotton procurement compared to last year. This year, a target has been set to purchase 125 lakh bales of cotton at the minimum support price.
It is worth noting that one knot weighs 170 kg and last year the government procured 105.24 lakh bales of cotton. The government is preparing to buy about 20 lakh bales more this year.
According to the Ministry of Agriculture, the expenditure on the purchase of cotton is estimated to be Rs 35,000 crore. At the same time, this expenditure was Rs 28,500 crore in the last Kharif season. The Ministry estimates that this year the production of cotton may increase to 360 million bales, which is more than 357 lakh bales as compared to last year.
Source: Fasal Kranti
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