Indian government considers procuring 100% of pulses and oilseeds from farmers at Minimum Support Price (MSP)

Governo Indiano considera adquirir 100% de leguminosas e sementes oleaginosas dos agricultores pelo Preço Mínimo de Suporte (MSP)
Image: Pixabay

The Indian government is considering procuring 100% of farmers' pulses and oilseeds at a minimum support price (MSP) this year, as reported by Press Reader.

At the Central Zonal Council meeting, cooperation minister Amit Shah made a statement. He mentioned that Nafed agricultural cooperative must purchase 100% of farmers' produce. This is expected to happen at minimum support prices (MSPs) this year, as per the October 11 report.

However, official procurement would depend on prices in agricultural markets (mandis), as prices of some of these crops were higher or at the same level at the time of the report.

The government has decided to remove its procurement limit on tur, urad and masur under the Price Support Scheme (PSS) for 2023/24 on June 6. As reported, they encouraged farmers to expand the planted area and increase production.

Under the Price Support Program (PSS), the government purchases a maximum of 25% of pulses and oilseeds harvest from farmers. These purchases occur at minimum support prices (MSPs). However, the ceiling can be increased to 40% at the request of the government.

Prices were expected to be higher this year as the planted area of some crops, including pulses and oilseeds, was smaller.

The procurement policy would also help the government increase its stocks, particularly rice, according to the report.

Source: Oils & Fats International

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