Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
»
2-min read

Cabinet Approves New Procurement Policy to Ensure MSP to Farmers

A new scheme 'Price Deficiency Payment (PDP)' has been framed on the lines of Madhya Pradesh government's Bhavantar Bhugtan Yojana (BBY) to protect oilseeds farmers only.

PTI

Updated:September 12, 2018, 2:24 PM IST
facebookTwitterskypewhatsapp
Cabinet Approves New Procurement Policy to Ensure MSP to Farmers
Representative image.
Loading...

New Delhi: The cabinet has approved a new procurement policy under which one scheme will focus on compensating oilseeds farmers if rates fall below the MSP, and another will allow states to rope in private players for procurement, sources said Wednesday.

A decision in this regard was taken in the cabinet meeting, headed by Prime Minister Narendra Modi, held here.

In the budget this year, the government had announced that it will put in place a fool-proof mechanism to ensure minimum support price (MSP) to farmers. It had asked think-tank Niti Aayog to suggest a mechanism in consultation with the union agriculture ministry and states.

According to the sources, the agriculture ministry's proposal on new procurement policy 'Annadata Maulya Samrakshana Yojana' was taken up for discussion in the cabinet, and the same has been approved.

Under the new policy, the state governments will be given an option to choose multiple schemes to protect farmers when prices fall below the MSP.

A new scheme 'Price Deficiency Payment (PDP)' has been framed on the lines of Madhya Pradesh government's Bhavantar Bhugtan Yojana (BBY) to protect oilseeds farmers only.

Under the PDP, the government will pay to farmers the difference between the MSP and monthly average price of oilseeds quoted in wholesale market. This would be implemented for up to 25 per cent of the oilseeds production in a state.

Besides this, the states are given option to rope in private players for oilseeds procurement on a pilot basis.

Both PDP and private players' participation will be exclusively for oilseeds because the government wants to bring down the country's import dependence on cooking oils, the sources said.

Under the new policy, the states will also have an option to choose the existing Price Support Scheme (PSS), under which central agencies procure commodities covered under the MSP policy when prices fall below the MSP.

"The states can choose either PSS or PDP or engage private players in procurement to ensure MSP to farmers," the sources added.

The Food Corporation of India (FCI), the government's nodal agency for procurement and distribution of foodgrains, already procures wheat and rice at MSP for supply through ration shops and welfare schemes.

The centre also implements Market Intervention Scheme (MIS) for procurement of those commodities, which are perishable in nature and are not covered under the MSP policy.

Under the MSP policy, the government fixes the rates for 23 notified crops grown in kharif and rabi seasons.

India imports around 14-15 million tonnes of edible oils annually, which is around 70 per cent of the domestic demand.

Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp
Most Active
Company Price Change %Gain
Indiabulls Hsg 619.10 1.16
Yes Bank 111.95 2.14
Reliance 1,262.40 -1.34
SBI 353.20 1.09
UPL 936.55 5.22
Company Price Change %Gain
Emami 267.30 -7.59
Indiabulls Hsg 619.15 1.16
Yes Bank 111.95 2.19
Reliance 1,262.65 -1.29
Jet Airways 73.20 1.04
Top Gainers
Company Price Change %Gain
UPL 936.55 5.22
Yes Bank 111.95 2.14
M&M 634.85 1.18
Indiabulls Hsg 619.10 1.16
TCS 2,275.50 1.14
Company Price Change %Gain
Yes Bank 111.95 2.19
M&M 635.45 1.31
TCS 2,275.00 1.11
SBI 353.25 1.09
Coal India 256.85 0.96
Top Losers
Company Price Change %Gain
JSW Steel 257.80 -3.50
ONGC 165.20 -3.36
Eicher Motors 19,098.20 -3.15
Vedanta 168.45 -2.29
Tata Steel 486.25 -2.29
Company Price Change %Gain
ONGC 165.25 -3.48
Tata Steel 486.15 -2.33
Vedanta 168.50 -2.23
Bajaj Auto 2,816.45 -1.97
Reliance 1,262.65 -1.29

Live TV

Loading...
Countdown To Elections Results
  • 01 d
  • 12 h
  • 38 m
  • 09 s
To Assembly Elections 2018 Results