English Release 9-December 2013
Cabinet Committee on Economic Affairs (CCEA)02-May, 2013 20:39 IST
|Full reimbursement of losses to National Agricultural Cooperative Marketing Federation of India Ltd. on procurement of copra under Price Support Scheme |
|The Cabinet Committee on Economic Affairs (CCEA) today approved the removal of the cap on the amount of losses to be reimbursed on procurement of copra in the interest of farmers. This will ensure remunerative prices to growers. |
Copra prices are already ruling below Minimum Support Price (MSP) level in some parts of the country, and may fall further unless immediate steps are taken to intervene in the market, to ensure MSP of copra for the farmers according to the policy of the Government. In view of lower prices of copra, National Agricultural Cooperative Marketing Federation of India Ltd. (NAFED) was finding it difficult to restrict losses within 15 percent of the cost of procurement under the Price Support Scheme (PSS) and hence could not undertake procurement of copra.
The CCEA considered the proposal of the Department of Agriculture & Cooperation for full reimbursement of losses to the NAFED on procurement of copra under PSS.
(Release ID :95470)