Govt releases Rs 700cr to Nafed for buying pulses at MSP

The Centre has released Rs 700 crore to cooperative Nafed to undertake procurement of rabi pulses and other agri-produce, grown in the 2016-17 crop year, at the support price and protect growers from falling prices.

The fund, made available under the Price Support Scheme (PSS) operated by the Agriculture Ministry, will also be used to clear all outstanding payments to farmers for procurement of pulses, mustard seed, groundnut and other commodities undertaken in the 2016-17 crop year that ends this month.

The purpose of PSS is to protect farmers with the minimum support price for their produce in times of price fall.

"We have sanctioned Rs 700 crore to National Agricultural Cooperative Marketing Federation (Nafed) for procurement of 2016-17 rabi crops. The line of credit will help the cooperative to make payments to farmers on time," a senior Agriculture Ministry official told

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)