Private sector organizations in the state of Punjab have initiated purchasing of cotton more than the Minimum Support Price (MSP) fixed by the government for the season 2020-21. The Cotton Corporation of India (CCI) - the government authorized agency for cotton procurement - is purchasing the produce between 5,665 and 5,725 rupees per quintal, private players have started buying it for 5,900 rupees per quintal.
Private players include cotton traders and cotton factories from different parts of Punjab. Cotton farmers of the state are now selling their produce to private companies, relegating the government agency - CCI to the background. A Cotton corporation of India Punjab official in his statement said that the private players are buying cotton at a much higher price than MSP due to increased demand and higher price of cotton in the international market.
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