Prime Minister Narendra Modi announced a minimum support price (MSP) of Rs 6,000 per quintal for soybeans to help farmers in Vidarbha and Marathwada, poll-bound Maharashtra, battle with unstable market prices and unfavorable circumstances.
Since it gives farmers instant revenue during the holiday season, soybeans, a crucial cash crop, are mostly cultivated before Diwali. Districts like Washim, Buldhana, Akola, Amravati, Yavatmal, Wardha, Nagpur, Chandrapur, and Bhandara are in the forefront of soybean production in the Vidarbha and Marathwada regions. According to experts, West Vidarbha alone generates more over Rs 7,100 crore worth of soybeans every year.
Earlier, the Maharashtra government had announced a financial aid of Rs 5,000 for distressed farmers to mitigate their losses. Deputy chief minister Devendra Fadnavis had also introduced the Bhavantar Yojana, a scheme ensuring farmers receive the price difference between the MSP and lower market rates directly in their bank accounts. While these measures had helped, the Prime Minister’s announcement of Rs 6,000 MSP has led to optimism among soybean farmers.
The rural economy in Maharashtra heavily depends on soybean trading, particularly during and after the Diwali season. The increased MSP is expected to strengthen this cycle, ensuring better returns for farmers. A soybean farmer from Buldhana district said, “This announcement has brought financial relief to us during the festive season. It gives us hope for a better future.”
Farmers and traders have been revitalized by the combination of the new MSP and state-level programs like Bhavantar. Higher open market prices for soybeans have also been anticipated as a result of the news. As a result of the government’s actions, traders are already adjusting their plans.
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Source: News 18
