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LATEST NEWS UPDATES | Govt to hike pulses buffer stocks by over five times in bid to tame rising prices -Sayantan Bera

Govt to hike pulses buffer stocks by over five times in bid to tame rising prices -Sayantan Bera

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published Published on Jun 17, 2016   modified Modified on Jun 17, 2016
-Livemint.com

At present, the government procures about 1.5 lakh tonnes of pulses, and this will be enhanced to eight lakh tonnes

New Delhi:
In a significant decision to tame rising pulse prices, the Centre has decided to raise buffer stocks by over five times. At present, the government procures about 1.5 lakh tonnes of pulses, and this will be enhanced to eight lakh tonnes.

The decision was taken at a high-level meeting chaired by finance minister Arun Jaitley, the food ministry said in a brief statement issued late night on Wednesday. Among other things, the meeting attended by the food minister Ram Vilas Paswan and agriculture minister Radha Mohan Singh also decided to import more pulses from Myanmar and Africa.

Creating a sufficiently large buffer stock will help the Centre intervene in the market to tame prices from time to time. It will deter traders from manipulating prices, and farmers can expect better prices. Earlier, the Centre decided to hike support prices for pulses and set up pulse production hubs across the country to boost output.

The Centre’s move comes at a time when some pulse varieties are retailing at a high of Rs.170 per kg due to a supply shortfall caused by consecutive droughts. Production of pulses, primarily grown as a rain-fed crop, fell from 19.25 million tonnes in 2013-14 to an estimated 17.06 million tonnes in 2015-16, a drop of nearly 11.4%.

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Livemint.com, 16 June, 2016, http://www.livemint.com/Politics/82k1e7KsBcriGaQnid2AkI/Govt-to-hike-pulses-buffer-stocks-by-over-five-times-in-bid.html


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