State-owned Indian agricultural cooperation agencies have acquired about 5.2 million bales of cotton

Monday, a senior official said the deadline January 16, India’s State-owned agricultural cooperative institutions, national agricultural cooperative marketing alliance (NAFED) has acquired about 5.2 million bales of cotton, the weight of 170 kilograms per package, aimed at stemming the decline in prices trend. Last year, cooperation agencies to buy about two million bales of cotton.

NAFED acquired at the same time with another state-owned enterprises, Cotton Corporation of India, from October 1 to enter the current marketing year, the cotton company has started to increase cotton procurement efforts, the Government set the minimum support price of 2,500 rupees (51.54 dollars) / 100 kg, but it was due to weaker demand for textile products, cotton prices fell below the government minimum support prices.

Cooperation agencies acquired during this period amounted to 25 billion rupees, the agency has requested the additional funds to purchase funds in 2008-09 increased to 300 billion rupees.

India’s 2008-09 cotton output may reach 32.2 million bales higher than last year’s output of 31.5 million packages.