Govt may declare 100-bln-rupee scheme for oilseed farmers.

The government is likely to notify a scheme, similar to Madhya Pradesh government’s Bhavantar Bhugtan Yojana, worth 100 bln rupees to support oilseed farmers in the country. Under the scheme, the government will compensate farmers for the difference between the monthly modal price of the oilseed crop and its minimum support price, if the market price falls below the support price. The farm ministry has prepared a Cabinet note to propose this scheme, also known as price deficiency payment mechanism. India is the world’s largest importer of edible oil and higher imports weigh on the prices of domestic oilseeds. This scheme would ensure minimum support prices to the growers.