Home >News >India >NCDC sanctions 19,444 cr in first instalment for MSP operations support to 3 states
Representational image (Photo: Bloomberg)
Representational image (Photo: Bloomberg)

NCDC sanctions 19,444 cr in first instalment for MSP operations support to 3 states

Chhattisgarh, Haryana and Telangana are the beneficiary states

New Delhi: NCDC on Sunday sanctioned 19,444 crore in first instalment for MSP operations support to three states during Kharif season 2020-21.

National Cooperative Development Corporation (NCDC), the apex financing organization of Union Agriculture Ministry has sanctioned as first instalment, funds amounting to 19,444 crore to the states of Chhattisgarh, Haryana and Telangana for Kharif paddy procurement under Minimum Support Price (MSP) operations.

These amounts have been sanctioned to assist the States/ State Marketing Federations in undertaking paddy procurement operations in a timely manner through their respective cooperative organizations. Chhattisgarh gets the highest amount to the tune of 9,000 crore. Haryana has been sanctioned 5,444 crore and Telangana 5,500 crore.

"This proactive step by NCDC during the COVID pandemic will give the much needed financial support to farmers of these three state who account for nearly 75% of production of paddy in the country. The timely step will help the state agencies start procurement operations immediately. It will provide the much needed support to farmers to sell their produce at the government notified minimum support price," said Ministry of Agriculture & Farmers Welfare in an official release.

Sundeep Nayak, Managing Director, NCDC, said that in response to the clarion call given by Prime Minister Narendra Modi, NCDC was ready to assist more states in carrying out MSP operations for giving fair value to farmers in the light of historic farm related legislations.

Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.

Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

My Reads Redeem a Gift Card Logout