CCI buys record cotton stock at MSP

The Cotton Corporation of India (CCI) is grappling with a massive cotton inventory. Despite procuring 33 lakh bales from farmers at Minimum Support Price (MSP) this season, the state-run agency has managed to sell only a fraction due to tepid demand from textile mills. With the current cotton season ending next month, the CCI is left with nearly 20 lakh bales. To incentivize sales, it has extended the delivery period for mills to 60 days from August 1 and is urging them to stock up for the upcoming season, which begins in October. However, the CCI anticipates another heavy MSP procurement for the next season, indicating potential challenges ahead.