Madhya Pradesh Bhavantar Bhugtan Yojana – The Madhya Pradesh State Government has successfully launched the Bhavantar Bhugtan Yojana the Price Deficit Financing Scheme to hedge price risks in agriculture wherein farmers will be compensated for distress sales at prices below Union government-announced minimum support prices (MSP).
Details of Madhya Pradesh Bhavantar Bhugtan Yojana
Under this scheme, the difference between market value and support price will be paid by the government to the farmers. Under this scheme, farmers will have to register themselves from September 11 to October 11. Only farmers who make registration will benefit from this scheme. In the scheme, soybean, peanut, sesame, ramil, maize, toor, urad, moong are included.
The government will fix the sale rate of each crop module, for this, the average price of sale of three months in two states will be calculated, which will be deducted from the MSP by the MSP of the state.
For example, if the MSP for soybean is Rs 3,050 per quintal and the modal rate is Rs 2,700 per quintal, if a farmer sells the crop at Rs 2,800 per quintal in a mandi (wholesale market), the government will pay out Rs 250 for every quintal sold directly to the farmer’s bank account. Although if the crop is sold at Rs 2,600 per quintal, the state will transfer only Rs 350 per quintal of produce sold, or the difference between MSP and the modal price.
A deficiency price payment safety net to counter frequent price risks in agriculture was first proposed in 2015 by a government panel tasked with revamping MSP.
Crops Covered Under the Scheme
- Applicant must be the resident of Madhya Pradesh
- Applicant must be a farmer and have a crop.
- Aadhar Card
- Bank Account Details
How to Apply for Madhya Pradesh Bhavantar Bhugtan Yojana
- Under the scheme, farmers will have to register their crops at village-level cooperative societies along with their Aadhaar and bank account numbers.
- Under this scheme, farmers will have to register themselves from September 11 to October 11.
News Source: http://www.livemint.com/Politics/uDdclMv4VKUhGvpSEqtmqL/Madhya-Pradesh-launches-new-farm-scheme-to-hedge-price-risks.html