Cotton 2022-23 MSP at Rs6,080 Medium, Rs6,380 Long per quintal; up 6% YoY; PLI for textiles
FY2022-23, 2023-24 are gestation periods under PLI scheme for textiles; currently has 64 participants
The Government of India has raised the Minimum Support Price (MSP) for cotton to Rs.6,080 per quintal for Medium Staple, and to Rs.6,380 per quintal for (Long Staple) for the 2022-23 season (1 Oct 2022 to 30 Sep 2023), which are about 6% over the previous cotton season 2021-22 price.
Government fixes MSPs of 22 mandated agricultural crops including the two varieties of cotton on the basis of recommendation of Commission for Agricultural Costs & Prices (CACP), and other relevant stakeholders.
The Union Budget for 2018-19 had announced the pre-determined principle to keep MSP at levels of one and half times of the cost of production.
Meanwhile, the Minister of State for Textiles, Darshana Jardosh, said that the government has approved the Production Linked Incentive (PLI) Scheme in Sep 2021 with an approved outlay of Rs.10,683crore over a five-year period to promote production of MMF Apparel, MMF Fabrics and Products of Technical Textiles in the country.
She said, “Financial Year 2022-23 and 2023-24 are gestation periods under the PLI scheme for Textiles. Performance years commences from financial year 2024-25 to 2028-29. The disbursal under the scheme would commence from 2025 onwards.”
Currently, the PLI scheme under textiles has 64 participants and is being implemented across India. It could lead to investment of Rs.19,798 crore and generate employment for 2.45 lakhs persons. The selected companies would be eligible to receive incentives on achieving the threshold investment and threshold/ incremental turnover, said Jardosh.
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