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India: State CACP seeks hike in cotton MSP for 2019-20

The Maharashtra unit of the Commission on Agricultural Costs and Prices (CACP) is seeking a 15 per cent increase in the minimum support price ( MSP) of cotton for the season of 2019-20.

The MSP for medium-staple variety of cotton is at Rs 5,150 per quintal, and that for long-staple is at Rs 5,450 per quintal, which are roughly equivalent to Rs 43,000-43,500 per candy (1 candy equals to 356 kg). The government had raised the MSP for cotton by 26 per cent this year. It was mulling to raise the MSP of cotton further.

The spot market prices of CAI for cotton of staple length 30 mm have dropped to Rs 42,100 per bale on March 1 from Rs 43,400 per bale on January 1. Prices of raw cotton are moving below the minimum support price levels.

The decline in the domestic prices has brought export parity, maintained traders. Prices are declining this season despite forecast of lower cotton production and higher exports figures for the first three months of cotton season that started in October.