Soyabean prices in India have shot upwards weeks after the sales window for Madhya Pradesh’s ambitious Mukhya Mantri Bhavantar Bhugtan Yojana closed in December, indicating that traders might have used the scheme to manipulate prices to their benefit. This has cast doubts about whether the scheme in its present form should it be rolled out across the country, something that experts believe is a possiblity in this Budget session.
6 hours ago
Mridula Chari
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Soyabean prices in India have shot upwards weeks after the sales window for Madhya Pradesh’s ambitious Mukhya Mantri Bhavantar Bhugtan Yojana closed in December, indicating that traders might have used the scheme to manipulate prices to their benefit. This has cast doubts about whether the scheme in its present form should it be rolled out across the country, something that experts believe is a possiblity in this Budget session.
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Madhya Pradesh had introduced this price deficit payments scheme in September to cushion farmers against price crashes. It was billed as an improvement on the minimum support price scheme. Declared each year for several crops, the minimum support price is supposed to cover what the Centre believes is the cost of production of those crops.
However, instead of buying farm produce as the state would do under the old minimum support price scheme, Madhya Pradesh decided to pay farmers the difference between the Centrally declared support price and the price at which they sold their produce in the market.
In its planning documents, the state had presented the price deficit payments scheme as a pilot for the rest of the country.
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