Big shock for cotton farmers : Union Budget

Big shock for cotton farmers : Union Budget

Finance Minister T Harish Rao reacted sharply to the slash, stating that this could definitely cause ‘severe damage’ to cotton farmers.

The impact will be big in Telangana, which tops the country in quality cotton production and is only second in the extent of area under which cotton was cultivated.

This is a budget of illusions. An anti-poor budget. A budget that shows an empty hand to Telangana,” Harish Rao said.

The allocation, meant for procurement of cotton by the Cotton Corporation under the Price Support Scheme, was allocated Rs 8,331.96 crore in 2021-2022 and Rs 9,243.09 crore in 2022-2023, was this time allocated just Rs 1 lakh.

In a major jolt to cotton farmers across the country and to the Cotton Corporation of India as well, the allocation in the budget, which was Rs 9,243.09 crore, has been slashed to a mere Rs 1 lakh.