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
For more updates, be socially connected with us on
WhatsApp, LinkedIn, Twitter, Instagram, Facebook & Youtube

Related Story

CropLife India welcomes Cabinet’s approval of Pesticides Management Bill

CropLife India, an association of 16 R&D driven crop science companies has welcomed the the Union Cabinet approval of Pesticides Management Bill (PMB).

Asitava Sen, Chief Executive…

FMCG companies focus on rural markets to overcome low demand

In order to combat the poor consumer sentiments in the rural markets, fast moving consumer goods (FMCG) companies such as ITC and Emami are scaling up their direct penetration in these markets.…

NCDEX maintains leadership position in agri-derivatives market

The National Commodity & Derivatives Exchange (NCDEX), maintained its leadership position in the month of January with its significant performance in the agri-commodities segment. The Exchange…