Soybean Procurement Extended to Support Farmers

The Indian government has extended soybean and groundnut procurement to stabilize prices and support farmers. In Maharashtra, the extension lasts 24 days until February 24, while in Telangana, it continues for 15 more days until February 15.

For groundnut farmers, the government extended procurement by six days in Gujarat and 25 days in Karnataka, both running until February 15. These extensions ensure that more farmers benefit from the Minimum Support Price (MSP) program.

Soybean and Groundnut Procurement Progress

By February 9, the government had procured 19.99 million tonnes of soybean, benefiting 846,251 farmers. Meanwhile, officials purchased 15.73 million tonnes of groundnut, supporting 475,183 farmers.

This procurement follows the Price Support Scheme (PSS), which helps farmers sell their crops at fair prices while preventing distress sales.

Minimum Support Price and Coverage

The government has set the MSP for soybean at USD 0,59 per kg. Farmers in Chhattisgarh, Gujarat, Karnataka Madhya Pradesh, Maharashtra, Rajasthan, and Telangana qualify for this rate.

Similarly, the groundnut MSP stands at USD 0,82 per kg. The government approved procurement in Andhra Pradesh, Chhattisgarh, Gujarat, Haryana, Karnataka, Rajasthan, and Uttar Pradesh under the PSS program.

Efficient Procurement Under the Price Support Scheme

The PSS program enables central nodal agencies like NAFED and NCCF to purchase pulses, oilseeds, and copra that meet Fair Average Quality (FAQ) standards. These agencies work with state-level partners to buy crops directly from pre-registered farmers, ensuring a transparent and fair process.

This extension provides farmers with a crucial financial safety net against market fluctuations. With global edible oil prices remaining unstable, government intervention helps keep India’s production competitive.

Conclusion: Strengthening Farmer Support

Extending procurement is a crucial step in protecting farmers from price instability and ensuring the oilseed sector’s growth. However, success depends on timely payments, efficient logistics, and better market linkages.

Going forward, policymakers and farmers must collaborate to enhance production efficiency, expand market access, and secure long-term stability in the oilseed industry.