Higher budgetary support for cotton procurement by the Cotton Corporation of India

RoSCTL extended for garment exports, which will provide the stable policy regime essential for long-term planning in the textile sector -

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February 10, 2024 The Interim Budget 2024 presented on Thursday saw ₹1,000 crore higher allocation for the textile and apparel sector. Of the total allocation of ₹4,392.85 crore compared with ₹3,443.09 crore last year, the Budget provided ₹600 crore for the procurement of cotton by the Cotton Corporation of India (CCI) under the price support scheme, though there was almost no allocation for this in the previous financial year. With a slump in cotton prices, the CCI is buying cotton from farmers in several parts of the country at the minimum support price (MSP) since the beginning of the cotton season in October 2023.

The Budget also increased the allocations for schemes for handicraft development, the National Technical Textiles Mission, and the PM MITRA scheme.

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