Government Increases Support for Soybean and Cotton Farmers Amid Policy Revisions
Union Agriculture Minister Shivraj Singh Chouhan announced measures to support soybean and cotton farmers, including an additional ₹5,000 per hectare direct deposit. Import duties on edible oils were raised to 27.5% to boost local soybean procurement. The Bhavantar Bhugtan Yojana and model crop rates aim to compensate price differences and reduce transportation costs, providing significant financial relief.
Union Agriculture Minister Shivraj Singh Chouhan announced new measures to financially support soybean and cotton cultivators, including the deposit of an additional Rs 5,000 per hectare into their bank accounts. These steps aim to boost farmers’ income ahead of the festive season.
The Minister also highlighted changes in import duties on edible oils, elevating them to 27.5 percent to encourage domestic oil mills to procure soybeans from local farmers. This policy aims to ensure farmers receive fair prices amidst the fluctuating market conditions.
Furthermore, the Minister spoke about the Bhavantar Bhugtan Yojana, which compensates farmers for price differences between MSP and market rates. Other initiatives include setting model rates for certain crops and absorbing transportation costs, providing significant financial relief to farmers.
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