Team Adda247 and BankersAdda are here with a Current Affairs Special Series. In this series, candidates will be introduced to current affairs topics daily, which will not only improve their general awareness but also will ensure that the candidates do not lack in any current affairs topic. Today’s Current Affairs topic is The Government Procured Nearly 890 Lakh Tonnes Of Paddy At MSP.
The Government Procured Nearly 890 Lakh Tonnes Of Paddy At MSP
The government has procured nearly 890 lakh tonnes of paddy at MSP in the current marketing year ending September for around Rs 1.68 lakh crore. This event happened amid the ongoing farmer’s protest at Delhi’s borders. Farmers are protesting for more than nine months over their demand for repeal of three new farm laws and a legal guarantee for minimum support price (MSP).
The food ministry said that the government has bought 889.62 lakh tonnes of paddy till the 5th of September in the ongoing 2020-21 Kharif Marketing Season (KMS). Food Corporation of India which is the nodal agency for procurement and distribution of food grains on behalf of the government has procured 764.39 lakh tonnes of paddy in the corresponding period of the previous marketing season. This year’s procurement includes 718.09 lakh tonnes of paddy grown in Kharif (summer-sown) season and 171.53 lakh tonnes in a major Kharif crop, but it is also grown in Rabi season.
This procurement is going to be benefited to more than 130 lakh farmers from the ongoing KMS procurement operations with an MSP value of Rs.1,67,960 crore. This time paddy procurement has reached an all-time-high level, surpassing the previous high of 773.45 lakh tonnes in KMS 2019-20.
What is MSP?
A price which is set by the Government of India to buy an agricultural product directly from the farmer is called MSP which is the Minimum Support Price.
This price is safeguarded for the farmer to a minimum profit for the harvest if the open market has a lesser price than the cost of a product.
Food Corporation of India:
It is a nodal agency for procuring and distributing food grains on behalf of the Government of India under the ministry of consumer affairs, food, and public distribution.
Founded: 14 January 1965
Headquarter: New Delhi