In Dewas district on Monday, Madhya Pradesh’s Chief Minister Mohan Yadav announced that the state will pay the first instalment of the Bhavantar Bhugtan Yojana to soybean farmers on November 13. The government will transfer Rs 300 crore directly into the bank accounts of 132 000 farmers who sold their soybean crop under the scheme.
Mohan Yadav explained this during a cabinet meeting, after which MSME Minister Chetanya Kumar Kashyap told the press that the state has already bought about 270 000 tonnes of soybean from more than 160 000 farmers across Madhya Pradesh. Each farmer will see roughly Rs 1 300 added per quintal she sold.
The state buys soybean at the market price, called the mandi rate, which fluctuates daily. As of now, the mandi rate is about Rs 4 036 per quintal, below the minimum support price (MSP) of Rs 5 328 set for this crop season. Under the Yoja, the government calculated the average mandi rate and will compensate the price gap to farmers through a Direct Benefit Transfer (DBT) into their own bank accounts.
Earlier this year, Chief Minister Yadav declared that the Bhavantar Bhugtan Yojana would cover soybeans, ensuring farmers receive the difference between the market price and the MSP. Madhya Pradesh, hailed as India’s “soya bowl,” relies heavily on soybean production, especially in the fertile Malwa region’s black cotton soil.
The Bhavantar Bhugtan Yojana is part of the state’s broader effort to support farmers and boost agriculture income. The direct payment on November 13 will help thousands of farmers manage their finances and invest in future crops.
Source: ianslive
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