The Centre Government has approved Rs 580 crore (Rs 5.8 bn) to cooperative Markfed in Madhya Pradesh for procuring various Pulses in the current year.
The Union Agriculture Ministry has approved the said amount to the National Cooperative Development Corporation (NCDC) which in turn will release it to the MP-Markfed.
The ministry has also approved under the Price Support Scheme (PSS), procurement of 11,250 tonnes of Urad and 55,500 tonnes of Moong to be grown in the 2017 kharif season.
This is being done to ensure farmers get at least minimum support price in case prices fall in the 2017-18 crop year, which will begin from next month, as well.
Pulses prices have come under pressure during the 2016-17 crop year owing to record production. Wholesale prices of some pulses, especially Tur, have crashed in states like Madhya Pradesh and Karnataka.
To cushion farmers from the price fall, the central government had procured 1.04 lakh tonnes of Tur from Madhya Pradesh during the 2016-17 kharif season under the Price Stabilisation Fund (PSD), which is being operated by the Union Food Ministry, for creation of buffer stock.
About 6,460 tonnes of Moong and 5,996 tonnes of Masoor were also procured from MP for buffer stock purpose.