Skip to main content

CCEA approves doubling Govt guarantee for pulses & oilseeds procurement

Cabinet Committee on Economic Affairs has approved doubling of Government guarantee for procurement of pulses and oilseeds at MSP

Related Category: Sub Category:

The Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi, has approved the regularisation and extension of Government Guarantee provided to lender Bank for providing credit limit to National Agricultural Cooperative Marketing Federation of India (NAFED) Rs.19,000 crore from earlier Rs.9,500 crore for undertaking procurement operation of pulses and oilseeds under Price Support Scheme (PSS) and to Small Farmers Agri-Business Consortium (SFAC) for Rs. 45 crore for meeting their existing liability and settlement of extant claims. These Government Guarantees are provided for a period of five years i.e. till 2021-22 by Government of India and with waiver of 1% Government Guarantee fee.

As the market price of almost all pulses and oilseeds are ruling below Minimum Support Price (MSP) as notified by the Government, provision of Government Guarantee will help in protecting the farmers producing these commodities from making distress sales during the peak arrival period and to provide remunerative prices with a view to encourage higher investment and production and also to safeguard the interest of consumer by making available supplies at reasonable price with low cost of intermediation.

Votes with an average with

Related Story

Maruti Suzuki sets up DOJO centres for skill development

In the pursuit of giving uncompromising quality to its customers, Maruti Suzuki India targets to help set up skill development and enhancement centres at its over 400 vendors by 2020. These skill…

Cabinet approves 3-year action plan of agricultural research

The Union Cabinet chaired by Prime Minister Narendra Modi has approved the continuation of the Three Year Action Plan (2017-2020) for Agricultural Education Division and ICAR institutes with an…

Global agriculture drones market to grow 38% between 2017-25

The global agriculture drones market, valued US$ 434 million in 2016 is anticipated to grow with a healthy growth rate of more than 38 percent over the forecast period 2017-2025. The rising demand…