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30 Mar, 2022
UP topples West Bengal as top vegetables producer, Andhra Pradesh continues to lead in fruits.
Uttar Pradesh has reclaimed its position as the top producing State in vegetables relegating West Bengal to the second position after two years, but this time the difference between the two is more than a million tonnes. On the other hand, Andhra Pradesh remains the top fruit producer.
According to data placed in the Lok Sabha on Tuesday, vegetables production in Uttar Pradesh is estimated to be 29.58 million tonnes (mt) in the 2021-22 crop year (July-June) against 29.16 mt in the previous year, while West Bengal output is seen to drop to 28.23 mt from 30.33 mt. When Uttar Pradesh was ahead of West Bengal in vegetables production in 2018-19, the gap between the two was around 0.7 mt.
Other top producers of vegetables in the current year include Madhya Pradesh at 2.59 mt, Bihar at 17.77 mt and Maharashtra at 16.78 mt, data show.
Andhra Pradesh is likely to see 18.01 mt of fruits production in 2021-22 against 17.7 mt last year, while Maharashtra may produce 12.3 mt, up from 11.74 mt last year. Other top producers of fruits are Uttar Pradesh at 11.26 mt, Karnataka at 8.55 mt and Gujarat at 8.24 mt. Incidentally, Gujarat production has remained unchanged from last year.
MIDH scheme
Meanwhile, Union Agriculture Minister Narendra Singh Tomar said separate targets for the production of fruits and vegetables are not assigned to the States. The Ministry of Agriculture and Farmers’ Welfare has been implementing a Centrally sponsored scheme—Mission for Integrated Development of Horticulture (MIDH)— from 2014-15 for holistic growth of the horticulture sector covering fruits, vegetables, root and tuber crops, mushroom, spices, flowers, aromatic plants, coconut, cashew and cocoa. Production of fruits and vegetables are supported under the Area Expansion component of the MIDH scheme, which is implemented through State Horticulture Missions (SHMs), he added.
Apples in warm regions
Tomar also said the Indian Council of Agricultural Research (ICAR) has taken a number of steps to promote the production of apples in warm areas. The Srinagar-based Central Institute of Temperate Horticulture (CITH) has identified the low-chill apple varieties like Anna, Dorsett Golden, Mayan and Michael for this purpose and has been multiplying these varieties. Planting material of low-chill varieties was supplied to Jammu region this year, he said.
The minister also said CITH has conducted DUS testing for the protection of low-chill apple cultivar HRM-99, which is being promoted on large scale by the farmers in Karnataka, Punjab and Haryana.
The country’s horticulture output is likely to drop marginally by 0.4 per cent to 333.25mt in 2021-22 from the previous year as production of vegetables, spices, and plantation crops are set to decline. However, among the key essential items, while potato and tomato production may drop, that of onion is pegged higher.
Source:
thehindubusinessline
30 Mar, 2022
India targeting $1 trillion exports by 2030: Piyush Goyal.
India's Minister of Commerce & Industry, Consumer Affairs & Food & Public Distribution and Textiles, and Leader of the House in Rajya Sabha, Piyush Goyal said that India's target is $1 trillion goods exports by 2030. 'I would want a larger share of the UAE market in the years to come because for me, the target is $1 trillion of export of merchandise from India by 2030,' added Goyal.
Goyal was addressing the business leaders from India and the UAE at an event yesterday along with the UAE Foreign Trade Minister, H.E. Dr ThBin Ahmed Al Zeyoudi and H.E. Dr Ahmed Albanna, UAE Ambassador to India.
'We are in the game for around $100 billion each way in the next six to seven years. We are in the game for at least $250 billion bilateral trade. I would like all our industry people to set the timeline. I think it's possible and I come with renewed enthusiasm after having achieved India's historic high of $400 billion plus exports for the first time ever,' said the Minister.
Goyal said that despite no tourism, travel, or hospitality services due to Covid, India has achieved a historic high in terms of export of services, close to $250 billion. 'I want services and merchandise to reach a trillion dollar by 2030, and the UAE will play a very, very important role in this,' added the Minister.
Speaking on the Comprehensive Economic Partnership Agreement (CEPA) between India and the UAE, Goyal said, 'The UAE-India partnership is the strategic partnership of the 21st century. CEPA agreement between the two countries is not about trade alone, it's about trade in goods and services. It has a huge geopolitical and economic significance and also, in some sense, a great human element.'
Goyal highlighted the importance of the agreement as it gives a brand-new direction to the bilateral relationships, be it energy security, food and nutrition security and overall security of the two nations. 'With new opportunities for businesses, job generation, increasing incomes, increasing opportunities for our young boys and girls, our startups, the agreement will set the door for new beginnings and have extraordinary outcomes,' added Goyal.
Earlier in the day, Goyal also attended, INVESTOPIA Plenary Session at Dubai Expo which saw participation from H.E. Abdula bin Touq Al Marri, Minister of Economy, UAE, Mukhtar Diop, MD, International Finance Corporation and H.E. Hala El-Said, Minister of Economic Development, Egypt.
Speaking at INVESTOPIA, Goyal said, 'We focus a lot on public investments. Our budget this year was largely about government funded infrastructure projects on the back of which we see the multiplier effect helping us on the demand side and that is leading to more investments to meet the supply constraints.'
'We have been focusing on improving the lives of the people through public investment on one hand, and on the other hand, ensuring our economic security which includes energy security,' added the Minister.
Goyal said, 'We are in a sweet spot where emerging markets have strengthened themselves over the last few years. They will certainly need to be supported if we have to meet the climate goals. We are yet to see the developed world come up with truly practical funding programs.'
Source:
economictimes
30 Mar, 2022
Egypt to import wheat from India.
Egypt, one of the largest importers of wheat from Russia and Ukraine, to import Indian wheat amid a sharp dip in global wheat production largely due to the conflict between the two countries, said a senior government official.
Piyush Goyal, Minister of Commerce and Industry and Consumer Affairs, Food and Public Distribution met the Egyptian minister of Economic Development Hala El-Said on Monday in Dubai where the details of the trade were discussed.
In 2020, Egypt imported wheat worth $ 1.8 billion from Russia and $ 600 million worth from Ukraine.
India is also looking at increasing its share of exports to countries where it already sends wheat such as Sri Lanka, Bangladesh, Middle East, Yemen, Korea, Philippines, Nepal and Indonesia. At present India’s wheat contribution to these countries’ import basket ranges between 2-10%.
'The idea is to increase our contribution to their import basket sharply.' The official said without wanting to be named.
The country is also looking at new export destinations like Nigeria which imports around 13 million Tonnes (MT) of wheat from Russia and Ukraine and Turkey which imports 11 MT and Vietnam which imports 4 MT. India’s contribution to Vietnam is 1 % of its total wheat basket while it does not export any wheat to Nigeria and Turkey.
A report by State Bank of India (SBI) economists showed that the ongoing conflict between Russia and Ukraine might impact certain high-frequency indicators like financial markets, exchange rate and crude prices in the short term for India. However, amidst the negative clamour, the Indian economy could see a silver lining as it may have the opportunity to fill the vacuum in global trade due to the war. ET's Sachin Dave and Kiran Kabtta Somvanshi explain.
India is looking at a wheat production of 11 MT and its central stock of wheat is expected to be 20 MT by the end of March. 'Therefore there is a huge scope to increase exports,' the official added.
India is also looking at strengthening the quality check on wheat and certifications in order to bag more orders. The country plans to increase the number of government approved labs with better infrastructure to control certain pests.
India produces around 107.59 Million MT of wheat annually and major wheat growing states in India are Uttar Pradesh, Punjab, Haryana, Madhya Pradesh, Rajasthan, Bihar and Gujarat.
State governments are also exploring various measures to increase wheat exports. Madhya Pradesh, the second largest wheat producing state after Uttar Pradesh, has called a meeting of exporters to facilitate private wheat procurement for exports.
Source:
economictimes
30 Mar, 2022
India- UAE trade under Comprehensive Economic Partnership Agreement (CEPA) has the potential to touch USD 250 billion by 2030 Shri Piyush Goyal.
Union Minister for Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Shri Piyush Goyal today said that notwithstanding the initial target envisioned under the India- UAE CEPA, which was USD 100 billion, it was possible to achieve a trade of USD 250 billion in Goods and Services by 2030. He was addressing the gathering at the ‘World Government Summit_Sparking the Growth of Emerging Economies’ in Dubai today.
Responding to a question on India-UAE Comprehensive Economic Partnership Agreement, Shri Goyal said that India looks upon UAE as a friend, as someone who has always stood by India. Speaking of the huge Indian diaspora in UAE, Shri Goyal said that they were very well taken care of by the UAE government during COVID. He emphasized that the relation between India and UAE extended far beyond the dimension of trade. The mutual trust and respect and the cultural affinity between the two nations in truly unique, he added.
Ever since CEPA was announced, he had, Shri Goyal said, engaged extensively with businesses from both nations. He said that India Gems and Jwellery Export Promotion Council aspired to triple their exports to UAE. He added that the enthusiasm among trade bodies, industry associations and Export Promotion Councils about the India-UAE CEPA was encourging.
Terming Services export as a huge opportunity for India when it comes to UAE, the Minister said that it was a largely untapped segment. Speaking of India’s booming startups, especially in fintech, agritech, edutech, healthtech etc, he said that UAE’s status as an emerging financial hub would help hasten investments in India, especially in these sectors.
Shri Goyal listed the top 5 sectors with the greatest potential for growth in India-UAE CEPA as gems and jwellery, textiles and leather products, pharmaceuticals, Steel and petrochemicals. Referring to the melt and pour agreement between India and UAE, the Minister said that it would help to encourage investments in UAE to set up steel plants, help protect steel sector in India and help India gain market access in other countries because of UAE being an entrepôt. Terming India as a giant when it comes to petrochemical production capabilities, the Minister said that there was huge opportunity in the petrochemical sector as well.
Speaking of India’s merchandise exports which have crossed USD 400 billion in spite of subsequent waves of COVID 19, the Minister said that services export from India, irrespective of the slowdown in travel and tourism had touched the highest-ever figure of USD 250 billion. The Minister asserted that even at the peak of the pandemic India did not let down a single commitment it made to the world.
Referring to India’s success in nurturing startups, Shri Goyal said that India already had 92 unicorns and is hoping to cross 100. He expressed confidence that in the 75th year of India’s independence, India would see atleast 75 unicorns emerge from the startup ecosystem.
Referring to the impending ‘Amritkaal’, the next 25 years of independence, the Minister said that India would ascend from being an emerging economy to a developed one with special focus on assuring prosperity to 1.35 billion people and creating a better future and better life for every child born in India, during this time period.
Source:
pib.gov.in
30 Mar, 2022
India Pavilion in Dubai to remain a permanent pavilion, says Shri Piyush Goyal.
Union Minister of Commerce & Industry, Consumer Affairs and Food & Public Distribution and Textiles, Shri Piyush Goyal today announced that the India Pavilion in Dubai will remain a permanent pavilion. He said, India is grateful to UAE for giving India this pride of place at the planned Innovation District in Dubai, which will represent a symbol of the trust and dynamism of our partnership.
'I thank Dubai for giving India a pride of place at the Expo to create this Marvel In Motion!,' said Shri Goyal, addressing the India’s Honour Day Celebration at the World Expo-2020 in Dubai.
Shri Goyal said the India Pavilion crossed the milestone of 1.7 million footfalls last week, probably the highest amongst the three or four pavilions at the Dubai Expo.
With the UAE contributing about $ 26 Billion out of India’s total exports of over $400 Bn this Financial Year, Shri Goyal said the UAE is India's second largest export destination.
'We hope to see it grow in the years to come. India is the destination for businesses in the UAE. We provide talent and investor friendly policies,' he said.
Underlining the leadership of the Prime Minister Shri Narendra Modi and His Highness Sheikh Mohamed bin Zayed Al Nahyan of the UAE, Shri Goyal said trust is the defining factor of the India-UAE relationship.
'Today we are natural partners due to the complementary nature of our economies and increasing trade will always showcase the synergy that our two nations have, strengthening further our eternal bonds. Our ties will remain vibrant, will grow from strength to strength and in the years to come will showcase huge opportunities for people from both nations,' he said.
Shri Goyal lauded the UAE leadership for their relentless efforts for making the Dubai World Expo a grand success with a footfall touching close to 25 million in the last six months since its inauguration.
'The Dubai Expo will also remain a shining example of victory of courage over adversity,' he said, referring to the two year delay in the staging of the World Expo due to the Covid-19 pandemic.
Shri Goyal said during the period the Dubai Expo was being staged, India and the UAE negotiated the Comprehensive Economic Partnership Agreement (CEPA), the fastest ever negotiated bilateral free trade agreement. Shri Goyal said, on 18th February, 2022 the two countries signed the CEPA and unveiled the India-UAE Joint Vision Document.
Shri Goyal said India’s prestigious Indian Institute of Technology (IIT) will open its first overseas campus in the UAE as part of the CEPA pact.
Source:
pib.gov.in
29 Mar, 2022
Booming wheat exports from India to help ease global shortage.
The Centre has procured 741.62 lakh tonne of paddy in the ongoing 2021-22 marketing year so far at the minimum support price (MSP), Union Food Ministry said on Monday. "Till now about 105.14 lakh farmers have been benefitted with MSP value of Rs 1,45,358.13 crore," the ministry said in a statement.
A quantity of 741.62 lakh tonne of paddy has been procured till March 27 of the ongoing 2021-22 marketing year, it said.
Out of the total procurement undertaken so far, maximum of 187.28 lakh tonne of paddy has been procured from Punjab, followed by 92.01 lakh tonne from Chhattisgarh, 70.22 lakh tonne from Telangana, 55.30 lakh tonne from Haryana and 66.53 lakh tonne from Uttar Pradesh till March 27 of the ongoing marketing year.
The paddy marketing season normally begins from October and runs through September.
During the 2020-21 marketing season, the government had procured 895.83 lakh tonne of paddy at a MSP value of Rs 1,69,133.26 crore.
The government undertakes procurement operations through state-run Food Corporation of India (FCI) as well as state agencies.
The government buys largely paddy and wheat to protect farmers with MSP as well as use the procured grains for distribution through ration shops for the poor beneficiaries registered under the National Food Security Act at highly subsidized rates.
Source:
economictimes
29 Mar, 2022
Season s first consignment of Alphonso and Kesar mango exported to Japan..
In a major boost to export, Agricultural and Processed Food Products Export Development Authority (APEDA) facilitated Season’s first consignment of fresh Mangoes export from Mumbai to Japan on last Saturday (March 26, 2022). Alphonso and Kesar varieties of Mangoes was exported by M/s.Berrydale Foods (OPC) Pvt. Ltd., a registered exporter of APEDA to M/s. Lawson Retail Chain, Japan. These mangoes were treated and packed at APEDA-approved Maharashtra State Agricultural Marketing Board ( MSAMB)’s facility.
A mango festival is being organised in Tokyo, Japan as a part of Azadi ki Amrit Mahotsav, in collaboration with Embassy of India, Japan & Invest India today (March 28, 2022), wherein Mango exhibition & tasting will be done at various outlets of Lawson super markets.
APEDA has taken number of export promotion activities and initiatives, by way of development of virtual portals for organizing Virtual Trade Fairs, Farmer Connect Portal, e-office, Hortinet Traceability system, Buyer Seller Meets, Reverse Buyer Seller Meets, product specific campaigns etc. APEDA has been closely working with state government for creating infrastructure and promotion of export from the state.
APEDA, a Statutory Body under the Ministry of Commerce & Industry, Government of India, is the nodal agency for promoting Indian agro and processed food exports and is responsible for facilitating and promoting export of horticulture, floriculture, processed food, poultry products, dairy and other agro products.
APEDA provides assistance to the exporters under various components of its schemes such as Infrastructure Development, Quality Development and Market Development. In addition, APEDA also conducts international Buyer Seller Meets(BSM), Virtual trade fairs with importing countries to promote agricultural & processed food products.
Apart from this the Department of Commerce(DOC) also support exports through various schemes like Trade Infrastructure for Export Scheme(TIES), Market Access Initiative(MAI) etc.
Source:
pib.gov.in
29 Mar, 2022
IIKSTC Instrumental Towards Facilitating Saffron Growers With Enhanced Opportunities, Income.
The India International Kashmir Saffron Trading Centre (IIKSTC), Dusso, Pampore has proved instrumental in facilitating saffron growers with organized marketing, quality based pricing besides direct transaction between growers, traders, exporters and industrial agencies ensuring substantial profits to the beneficiaries.
In IIKSTC, scientific post-harvest handling practices like Drying, Grading, Stamen Separation etc are being adopted for fetching better returns to farmers.
'Saffron produced at farmer fields in the Union Territory of Jammu and Kashmir is of best quality which proffers strong flavour, aroma and colour effect as well in comparison to Saffron produced across the world'.
The governments, in an effort to maintain the identity of Kashmir Saffron and eliminate the role of intermediaries from the marketing channel for better pricing for growers in the domestic and international market which will eventually help growers realize maximum prices, established IIKSTC.
IIKSTC is tremendously helping the saffron growers to enforce adoption of quality standards and fix the price based on quality grades at farm gate level.
The government worked hard to motivating orthodox mindset of farmers towards adopting scientific methodology for promoting saffron cultivation as bold initiatives like prophylactic measures and soil health reclamation measure are being taken which are proving a game changer in Saffron cultivation in J&K.
More than 30000 families in J&K located in 226 villages are associated with saffron cultivation. Jammu & Kashmir is the second largest Saffron producing area in the world and is only place in the country where saffron is being cultivated.
Collection center unit set up as part of IIKSTC with a cost of Rs 37 crore is meant for collection of produce from farmers, proper weighing, issuing code numbers, tagging and maintenance of record.
Proper marking of crates is ensured so that there is no mixing of produce and ownership disputes are avoided, a saffron farmer, Ali Muhammad Mir of Dusoo Pampore said. 'Then our produce is sent to stigma separation unit and in case of excess produce, it is kept in cold storage after proper coding. We are facilitated at every step by the departmental officials to locate our produce, he added'.
In the quality evaluation laboratory unit, officials receive coded samples from drying unit for quality evaluation and testing for conducting physical and chemical tests of saffron samples received, using IS methods.
The laboratory is equipped with all the facilities and machines to provide accurate and globally acceptable test results.
'The technicians allot grades as per ISO standards for each parameter besides maintaining liaison with e-auction unit by providing test certification so that the farmer can sell his produce as per the grade certified,' an official of IIKSTC said.
During the selling process, the auction center of the IIKSTC facilitates the growers to revise the 'Base Price' and 'Valuation Price' based on the demand and supply and other parameters till 24 hours before the auction day. The growers are able to control the 'Reserve Price' in real time during auction. It gives him ability to monitor multiple lots simultaneously via features like single button knockdown. A grower can identify the market trend (demand and pricing) of various brands,' an official at the center said adding that, 'Faster settlement process via electronic movement of contract note and delivery orders is ensured to sellers at the center.'
The IIKSTC is a win win situation for both seller and the buyer. Earlier, the growers are not aware of buyer details across India and world and hence they had a very small market. They were not sure that they are receiving the right market price for their Saffron produce. It used to take longer time for the growers to receive money. Similarly, buyers don’t have to wait for longer time to receive Saffron and need not to travel hundreds of kilometers to visit Saffron Growers in Kashmir to ensure that they receive the genuine price and authentic product.
Saffron production in Jammu and Kashmir had been under threat of extinction as is evident from its dwindling share in global production. Area under Saffron Production declined from about 5707 hectare to 3785 hectare in 2010-11. Simultaneously, productivity had declined from an average of 3.13 Kg/ha to 1.88 kg/ha over the years before 2010.
To give boost to saffron production and mitigate sufferings of saffron growers, Union Ministry of Agriculture and Cooperation, during the year 2010-11, introduced a scheme 'National Mission on Saffron' and setting up IIKSTC is one the components of the Mission.
During the launch of 'Jashn-e-Zafraan', Lieutenant Governor said that the increase in saffron production from 2.5 Kg per hectare to 5 kg per hectare will motivate farmers of other agriculture and allied sectors to increase their production taking maximum benefit of various agriculture development schemes of the Central and Union Territory government.
LG said that after the tireless efforts of the central government last year, Saffron got the Geographical Indication Tag and paved way for it to become a powerful brand in the international market.
To acquaint the saffron growers/sellers with the mechanism/ protocol to be adopted for post-harvest management of saffron and its e- auctioning under Kashmir saffron brand, the department of Agriculture Kashmir organizes awareness training program at IIKSTC.
Union Minister of Agriculture and Farmers Welfare, Narendra Singh Tomar, during his visit to Spice park said, the central government is ready to provide all possible help and support to the farmers. 'With the existence of Spice Park, the income out of saffron production of growers has doubled, he said. The Center will provide all kinds of facilities and assistance to the farmers that will make the lives of our farmers prosperous,' he said.
Source:
indiaeducationdiary
29 Mar, 2022
India saw its highest ever foreign investment and export boom in spite of the pandemic Shri Goyal.
Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Shri Piyush Goyal today called for practical climate funding programs by the developed world.
Addressing the plenary session of ‘Investopia- Emerging Markets: From frontiers to Frontlines’ in Dubai today, the Minister said that even though the emerging markets of the world have been strengthening themselves consistently, if they are to meet climate goals, they would have to be supported by developed nations through practical funding solutions. Flagging the disparity in intention and action when it comes to climate change, he said that responsible governments would find success in tiding over the climate crisis.
Shri Goyal said that since 2014, India had been focussing on structural reforms and on strengthening processes and taking steps like accumulating greater forex reserves and stabilizing economy for a more secular growth. Various programs for the last 6-7 years have been focussed on improving the lives of the masses by securing elementary utilities like drinking water, electricity, cooking gas, healthcare etc., he said.
The Minister said that on one hand the government was striving to improve the lives of people and on the other hand, improving economic stability, including energy security. India has the world’s fastest growing renewable energy program and has helped bring down the cost of renewable energy with sheer scale.
Shri Goyal said that India has been able to recognize crisis in time and convert it into an opportunity. The Minister observed that during pandemics, those states which focussed on saving lives, saved their economies as well. He opined that the bold step taken by India of a complete lockdown, even though made things difficult for a quarter, have been beneficial in the long run with quick economic recovery and stabilization.
Speaking of India’s success with homegrown vaccines, Shri Goyal said that during covid, India announced a self-reliance program which did not close its doors but made way for more meaning international engagement.
He added that during Covd, India had seen the highest ever foreign investment, highest ever merchandise exports and a sharp recovery in our service exports which stands at 250 billion which is nearly 20 percent more than highest ever figure so far. Highlighting India’s relentless focus on public investment, the Minister said that the Budget 2022 announced large scale infrastructure projects.
Shri Goyal said that India was working with partners like UAE, with which it signed a Comprehensive Economic Partnership Agreement (CEPA) in a very short span of 88 days from start to finish of negotiations. He added that the India-UAE CEPA was not an interim agreement but a comprehensive one, which was truly fair, equitable and balanced. The Minister also asserted that India was seeking to expand partnerships, encourage two-way trade and fast-track technology adoption with nations who believe in rules-based system, equity and transparency.
The Minister said that in the first 2 months of this year, 13 startups had become unicorns and said that it was a sign that the youth of the nation was rising to meet challenges.
Responding to a query, Shri Goyal said that world economies were much more resilient today and partnerships had been created between nations through which they supported each other. He observed that new technology helped nations by bringing down costs while saving people’s lives.
Speaking of India’s accomplishments in improving ease of living of its citizens, the Minister said that by 2019, within a span of 4 years, the government succeeded in taking electricity to each one of the 600,000 odd villages in India. India’s food grain production has been on the rise and is enough, not only to feed every Indian but sufficient to feed other nation during their times of need too, he added.
Source:
pib.gov.in
29 Mar, 2022
Govt's paddy procurement reaches 741.62 lac tons so far in 2021-22 season.
The Centre has procured 741.62 lakh tonne of paddy in the ongoing 2021-22 marketing year so far at the minimum support price (MSP), Union Food Ministry said on Monday. "Till now about 105.14 lakh farmers have been benefitted with MSP value of Rs 1,45,358.13 crore," the ministry said in a statement.
A quantity of 741.62 lakh tonne of paddy has been procured till March 27 of the ongoing 2021-22 marketing year, it said.
Out of the total procurement undertaken so far, maximum of 187.28 lakh tonne of paddy has been procured from Punjab, followed by 92.01 lakh tonne from Chhattisgarh, 70.22 lakh tonne from Telangana, 55.30 lakh tonne from Haryana and 66.53 lakh tonne from Uttar Pradesh till March 27 of the ongoing marketing year.
The paddy marketing season normally begins from October and runs through September.
During the 2020-21 marketing season, the government had procured 895.83 lakh tonne of paddy at a MSP value of Rs 1,69,133.26 crore.
The government undertakes procurement operations through state-run Food Corporation of India (FCI) as well as state agencies.
The government buys largely paddy and wheat to protect farmers with MSP as well as use the procured grains for distribution through ration shops for the poor beneficiaries registered under the National Food Security Act at highly subsidized rates.
Source:
economictimes
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