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  Business   In Other News  09 Apr 2018  Cabinet note on new MSP policy soon

Cabinet note on new MSP policy soon

FINANCIAL CHRONICLE
Published : Apr 9, 2018, 1:25 pm IST
Updated : Apr 9, 2018, 1:25 pm IST

Agriculture ministry has finalised details of implementing the ambitious MSP schemes as announced in the budget.

Objective of the proposed policy is improving the speed of response and effectiveness of procurement in cases prices drop below MSP.
 Objective of the proposed policy is improving the speed of response and effectiveness of procurement in cases prices drop below MSP.

New Delhi: The agriculture ministry has finalised details of implementing the ambitious MSP schemes as announced in the budget and will soon move a Cabinet note to ensure farmers get the minimum support price (MSP).

The note will seek the cabinet approval for a new policy that aims to rope in both states and private firms in procurement of crops other than wheat and paddy for ensuring support price.

 

In fact, the finance ministry has asked the agriculture ministry for estimate of expenditure arising out of the scheme as the North Block will have to earmark funds for the initial rollout.

The objective of the proposed policy is improving the speed of response and effectiveness of procurement in cases prices drop below MSP.

The ministry has proposed three models -- market assurance scheme (MAS), price deficiency procurement scheme (PDPS) and private procurement and stockists scheme -- after consultations with an informal group of ministers, headed by home minister Rajnath Singh, as well as with state governments.

Tags: minimum support price, agriculture ministry, market assurance scheme
Location: India, Delhi, New Delhi