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Speaking to reporters, he said the country’s cotton situation was comfortable enough to enable farmers get better prices, provided they exercised patience and waited for some more time before selling their produce.
The minister said that this year, there was a jump of 38 to 40 per cent in the minimum support price (MSP) of cotton set by the Cotton Corporation of India (CCI) compared to the previous year. He said the cotton output had gone up this year and the textile sector had seen investments flowing in for the last four years.
Pointing out that the MSP for cotton had increased to Rs 970 per quintal for 2008-09, Vaghela said the higher MSP would ensure maximum returns to the farmers.
According to the figures released by the Textile Ministry, between 2004 and 2008, the investment in the textile sector has been Rs 1.05 lakh crore and it is expected to touch Rs 1.5 lakh crore by 2012. The enhanced investment is estimated to generate 17.37 million jobs by 2012.
Cotton production, he said, was estimated to be 320 lakh bales (170 kg each) of which 100 lakh bales would be for export. Quoting ‘Technology Mission on Cotton’, he said that yield of cotton, especially in Gujarat, had registered 760 kg per hectare and 600 kg per hectare elsewhere . It was 400 kg per hectare in 2004.
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