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The Indian government will buy soybeans at MSP, helping millions of farmers facing losses due to falling market prices.
The Indian government has made a crucial decision to support soybean farmers by purchasing their crops at the Minimum Support Price (MSP). This step comes as a relief to farmers who are struggling with falling soybean prices in the market. The move will ensure that farmers get a fair price for their produce, preventing further financial losses.
Soybean prices have been declining, making it difficult for farmers to even recover their production costs. This has led to frustration among farmers, particularly in Maharashtra, where one farmer even destroyed his crop in protest. To address these concerns, the government has decided to buy soybeans at MSP, benefiting millions of farmers across Maharashtra, Karnataka, and Telangana.
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The government has set the MSP for soybeans for the 2024-25 financial year at Rs 4,892 per quintal, an increase from last year’s rate of Rs 4,600 per quintal. This represents a Rs 292 increase, providing farmers with better compensation for their hard work.
Two cooperative agencies, NAFED and NCCF, have been tasked with purchasing soybeans from farmers under the Price Support Scheme. These agencies will work alongside state-level bodies to ensure that farmers in the three states get the MSP for their crops. NAFED and NCCF already manage the purchase of other crops like pulses, cotton, and maize, so they have the expertise to support soybean farmers effectively.
In the three states where the government will be purchasing soybeans, the current market prices are significantly lower than the MSP:
With the government stepping in to buy soybeans at MSP, farmers are expected to see a significant improvement in their financial situation. Currently, the market prices of soybeans are lower than the MSP, making it difficult for farmers to make profits. The government's intervention is likely to stabilize or even raise market prices, benefiting not just those selling to the government but all soybean farmers.
Soybean cultivation has increased across the country this season. According to the Union Agriculture and Farmers Welfare Ministry, by September 2, soybeans had been sown on 125.11 lakh hectares, which is 2 lakh hectares more than last year’s 123.85 lakh hectares. This increase shows the growing importance of soybean as an oilseed crop in India.
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The government’s decision to purchase soybeans at MSP will not only protect farmers from losses but also encourage them to continue growing this essential crop. By ensuring fair prices, the government aims to promote the cultivation of oilseeds and support the agricultural community during challenging times.