Niti Aayog discusses three concepts on farm MSP

The Indian Express
March 10, 2018

In the light of the Budget announcement to ensure the minimum support price (MSP) for different agricultural crops, three concepts, including procurement and stocking by private parties, were discussed at a consultative meeting held in the NITI Aayog on Friday.

“The third option of private procurement and stockist scheme offers great promise as it reduces the fiscal implications for the government, involves private entities as partners in agriculture marketing and improves the competition in the market,” NITI Aayog said in a statement. The first option is related to the Market Assurance Scheme, which proposes procurement by states and compensation for losses up to a certain extent of the MSP after procurement and price realisation out of sale of procured produce.

The second option is related to price deficiency procurement scheme. Under this scheme, if the sale price is below a modal price then the farmers may be compensated to the difference between MSP and actual price subject to a ceiling which may not exceed 25 per cent of the MSP. No compensation would be due if modal price in neighbouring states is above the minimum support price.

The meeting was chaired by the aayog vice-chairman. Union Minister of State for Agriculture Gajendra Singh Shekhawat along with senior officers of the Ministry of Agriculture, Ministry of Finance, NITI Aayog and Food and Public Distribution, Prime Minister’s Office and various state governments participated in the meeting. Shekhawat said in the statement that more than one options may be adopted by the States depending upon their conditions.

The MSP for 24 agricultural commodities of kharif and rabi season are announced by the government based on the recommendations of the Commission for Agriculture Cost and Prices in the country. However, the Aayog noted that the procurement by central and state agencies is limited to rice and wheat and some amount of coarse cereals. The government also procures limited quantity of oil seed and pulses through NAFED, SFAC and some other agencies. The market intervention scheme is implemented  in case of the prices falling  below the threshold level in perishable crops.

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