Market Dynamics: Cotton MSP In India Rose 6.2% In The New Year
According to the announcement issued by the Economic Affairs Committee of the cabinet of India, the minimum support price of cotton MSP in India will rise by 354 rupees to 6080 rupees per kilogram in 2022 / 2023. The MSP of medium fiber varieties increased from 5726 rupees per kilogram to 6080 rupees per kilogram, while that of long fiber varieties increased from 6025 rupees to 6380 rupees per kilogram.
The Commission on agricultural costs and prices of India said that as production costs rose sharply in the past year, raising the MSP for autumn crops must be substantial so that the government can commit to providing farmers with 50% of the production costs. At present, the prices of agricultural inputs, such as electricity, transportation and pesticides, have risen sharply. The substantial increase of government subsidies will largely protect farmers from the impact of rising costs.
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