Following Central Government's guidelines, the Maharashtra Cabinet today stamped its approval on the offer to purchase cotton from farmers at a minimum support price of Rs 2,070 per quintal through Maharashtra State Cotton Growers Marketing Board Co-operative Ltd.
The buying will start from October 2 and the Board is expected to purchase around Rs 50 lakh quintals of cotton from farmers. The projected production of cotton from the state is going to be around 388 lakh quintals.
The state government will also be guarantor to the loan of Rs 315 crore which will be raised by the Board through banks as working capital.
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