Informist, Thursday, Sep 19, 2024

--Farm minister: Aim to buy maximum masur, urad at MSP from farmers

--CONTEXT: Farm Minister Chouhan speaks at an event in Delhi
--Farm minister: To start weekly interaction with farmers from Tue

--Farm minister: Oilseed prices to rise on edible oil import duty hike

NEW DELHI – The government will buy the entire masur and urad produced in the country at minimum support prices from farmers registered on the e-Samridhi platform to promote pulses production, Union Agriculture Minister Shivraj Singh Chouhan said today. The procurement will help to create a buffer stock and help India achieve self-sufficiency in pulses, he added.

On ensuring remunerative prices are provided to farmers, Chouhan said the government's procurement has already supported depressed soybean and summer moong prices. Further, oilseed prices are set to increase due to the recent hike in import price of edible oils and soybean procurement plans, he added.

"The soybean market was going down... This decision to raise import duty was made in favour of the farmers," Chouhan said, while addressing the media on the achievements of the agriculture ministry in 100 days of the NDA government's third term. "I believe that not only soybean, but also mustard and groundnut prices will go up."

"We will buy soybean crops at MSP (minimum support price) and make the economy such that the farmers will find oilseed cultivation profitable," he added.

To support soybean prices, the Centre recently approved a proposal by the state governments of Madhya Pradesh, Maharashtra, Karnataka, and Telangana to procure soybean at the minimum support price. India relies heavily on imports to meet its cooking oil and pulses requirements. In her Budget 2024-25 (Apr-Mar) speech, Finance Minister Nirmala Sitharaman said the government will formulate a strategy to achieve self-sufficiency in oilseed and pulses production.

On Wednesday, the Union Cabinet approved a total of 350 bln rupees for the continuation of Pradhan Mantri Annadata Aay SanraksHan Abhiyan to provide remunerative prices to farmers. It also converged the price support scheme and price stabilisation fund under the Pradhan Mantri Annadata Aay SanraksHan Abhiyan to serve the farmers and consumers more efficiently, it said.

The Cabinet also approved a tentative 244.75-bln-rupee nutrient-based subsidy for the 2024-25 rabi season (Oct-Mar) for phosphatic and potassic fertilisers. Highlighting the government's farm policies, Chouhan said nearly 20 mln farmers have registered to participate in the government's procurement initiatives.

He also pointed out that the area under oilseed and pulses had increased this kharif season. After deficient production last year, the area under pulses was up 8% on year at 12.8 mln ha as of Tuesday. While the area under oilseeds was at 19.3 mln ha as of today, up 2% from a year ago, as per agriculture ministry data.

Appreciating the Indian Council of Agricultural Research and state agricultural universities for developing 109 high-yielding seeds that are climate-resilient, Chouhan said the government is prioritising the release of oilseeds and pulses seeds.

To improve pledge financing against warehouse receipts, the government has strengthened warehousing infrastructure and instilled confidence in the banking sector, Chouhan said. Under the credit guarantee scheme, pledge financing for agriculture will rise to 1.05 trln rupees for the next 10 years from current 39.62 bln rupees, the government said in a release.

Emphasising that agricultural growth is a priority for the government, Chouhan said he plans to hold direct dialogue with farmers every Tuesday. On lab-to-land initiatives, he said agricultural science and technology will be delivered to farmers through radio and other mass media communications. End

Reported by Afra Abubacker

Edited by Tanima Banerjee

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

Informist Media Tel +91 (22) 6985-4000 /+91 (11) 4220-1000

Send comments to feedback@informistmedia.com

© Informist Media Pvt. Ltd. 2024. All rights reserved.