The Cabinet Committee on Economic Affairs on Wednesday approved minimum support price (MSP) funding of Rs 1,718.56 crore to the Cotton Corporation of India (CCI) for the cotton season 2023–24.The decision taken by the panel, headed by Prime Minister Narendra Modi, aims to provide direct price support to cotton farmers across the country.Cotton remains one of India’s most vital cash crops, sustaining the livelihoods of approximately 60 lakh farmers and supporting 400-500 lakh people engaged in allied activities, including processing, trade and textiles.”During the 2023-24 cotton season, the area under cultivation was estimated at 114.47 lakh hectares, with production pegged at 325.22 lakh bales, accounting for nearly 25 per cent of global cotton output,” the government said.The Centre fixes the MSP for seed cotton based on the recommendations of the Commission for Agricultural Costs and Prices (CACP). The MSP operations are undertaken to safeguard the interests of cotton farmers, particularly during periods when the market price falls below the MSP.”These interventions play a crucial role in stabilising cotton prices, preventing distress sales and ensuring remunerative returns to farmers. By enhancing inclusivity in agricultural markets, MSP operations contribute significantly to the economic security of cotton-growing communities,” it said.Agriculture Minister Shivraj Chouhan has emphasised a “farmer-first” approach to cotton, focusing on increasing productivity, enhancing quality and ensuring remunerative MSP for domestic cotton farmers.As of early 2026, the government has increased the MSP for medium-staple cotton to Rs 7,710 per quintal and long-staple cotton to Rs 8,110 per quintal for the 2025-26 season.The minister has also batted for making India self-reliant in high-quality cotton production by 2047, ensuring farmers receive high returns and the domestic industry receives quality raw material.