NAFED has informed its senior officials of regular assessments of cotton price trends in Gujarat, Maharashtra, Punjab, Andhra Pradesh, and Haryana. After two years, NAFED will adopt market intervention.
The current cotton price is higher than the government's MSP price. The minimum support price for long-staple cotton in 2011-12 is Rs 3,300/cash, and the minimum support price for medium-long-pile cotton is Rs 2,800/ctr.
A senior NAFED official said that India's cotton harvest is expected to be around 35-36 million bales (170 kilograms) this year. Therefore, prices may fall. Therefore, NAFED needs market intervention.
The price is expected to fall after November. However, if China’s policy remains unchanged and they import more cotton during this period, then India’s cotton exports will be promoted. We hope that India can export about 7-8 million bales of cotton. Therefore, we are waiting for China to announce its policy of importing cotton from India.
At present, the U.S. dollar is weak, so exports to European countries are reduced, and mainly to European countries. In this case, exports to Europe are expected to decrease. The Indian government and the Indian Cotton Corporation (CCI) have authorized NAFED as an agency to acquire cotton. If the price falls, NAFED will make acquisitions in accordance with government policies.
If prices resist below the minimum support price, then government agencies will buy cotton at the minimum support price to maintain price stability and prevent prices from falling below the minimum purchase price, so farmers will not suffer losses. The minimum support price considers the farmers' planting costs and ensures that the farmers are not subject to losses. This also encourages farmers to produce more cotton.
After the acquisition, cotton will be further processed, ginned, packaged, and then sold according to cotton company standards.
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