"Soyabean and cotton cultivators are being given an additional Rs 5,000 hectare in their accounts. The import duty on edible oils from Malaysia and Indonesia has also been effectively increased to 27.5 percent so that the oil mills in the domestic markets purchase soyabeans from the domestic farmers and pay them the right price to benefit them. The moisture content in the soyabeans during the procurement has also been increased from 12 percent to 15 percent," he added.
The Union Minister also spoke about the Bhavantar Bhugtan Yojana. The Bhavantar Bhugtan Yojana is a program in which the government compensates farmers for the difference between MSP and rate at which the farmers sell their crops, which is relatively higher.
"One of our schemes is the Bhavantar Bhugtan Yojana. It depends on the government on how whether they want to directly buy supplies or use the MSP and deposit the money in the farmers account. In the second scheme, the ICAR will determine the model rate for crops like potatoes, onions and tomatoes and give a 50 percent profit on the production cost. This will help the farmers not face losses when retail costs are lower. Another scheme is for the transportation costs. So our scheme says that the government will brunt the transportation costs that the farmers earlier used to pay," he said.
Soybean, a key cash crop, is primarily grown ahead of Diwali, as it provides farmers with immediate liquidity during the festive season. The Vidarbha and Marathwada regions are particularly significant for soybean cultivation
Notably, Maharashtra, which is going to the Assembly polls on November 20, is a key grower of soybeans.(ANI)
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