The government on Wednesday approved Rs 1,718.56 crore as reimbursement for price support extended under MSP operations to the Cotton Corporation of India for the procurement undertaken in the 2023-24 cotton season. The decision was taken by the Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi. As market prices of cotton fell below MSP during the season, the government agency had to undertake MSP operations to the extent of 32.84 lakh bales, benefiting about 7.25 lakh farmers and paying about Rs 11,712 crore directly into their bank accounts, officials said. The cabinet approved incurring expenditure towards reimbursement of price support extended under Minimum Support Price operations for cotton during Cotton Season 2023-24 (October 1, 2023, to 30 September, 2024), they added. "In a significant step towards strengthening farmer welfare and advancing the vision of Aatmanirbhar Bharat, the CCEA has approved Minimum Support Price (MSP) funding of Rs ...