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HomePosts Tagged "Cabinet Committee on Economic Affairs (CCEA)"
AgroPolicy, Finance, India, Schemes - Govt

The infusion of Equity is a significant step towards enhancing the operational capabilities of FCI in fulfilling its mandate effectively.

The Cabinet Committee on Economic Affairs (CCEA) chaired by the Prime Minister Narendra Modi, has approved infusion of equity of Rs 10,700 crore for working capital in financial year 2024-25 in Food Corporation of India (FCI).  The decision is aimed at bolstering the agricultural sector and ensuring the welfare of farmers nationwide. This strategic move shows the Government’s steadfast commitment to supporting farmers and fortifying India’s agrarian economy.

FCI started its journey in 1964 with authorised capital of Rs. 100 Crores and equity of Rs. 4 Crores.  The operations of FCI increased manifolds resulting in increase of authorised capital from Rs. 11,000 crores to Rs. 21,000 crores in February, 2023.  The equity of FCI was Rs. 4,496 Crores in Financial Year 2019-20 which increased to Rs. 10,157 Crores in the Financial Year 2023-24.  Now, Government of India has approved significant amount of equity of Rs. 10,700 Crores for FCI which will strengthen it financially and will give a big boost to the initiatives taken for its transformation. 

FCI plays a pivotal role in ensuring food security by procurement of food grains at Minimum Support Price (MSP), maintenance of strategic food grain stocks, distribution of food grains for welfare measure and stabilization of food grain prices in the market.

The infusion of Equity is a significant step towards enhancing the operational capabilities of FCI in fulfilling its mandate effectively. FCI resorts to short term borrowings to match the gap of fund requirement. This infusion will help to lower the interest burden and will ultimately reduce the subsidy of Government of India.

The Government’s dual commitment to MSP-based procurement and investment in FCI’s operational capabilities signifies a collaborative effort towards empowering farmers, fortifying the agricultural sector, and ensuring food security for the nation.

The infusion of Equity is a significant

Agro chems – Fertilizers, AgroPolicy, Finance, India, Live Stock

This initiative will facilitate implementation of establishing 500 new waste to wealth plants under GOBARdhan scheme for promoting circular economy, by increasing the viability of these BG/CBG plants.

The Cabinet Committee on Economic Affairs (CCEA) chaired by Prime Minister, Narendra Modi approved a unique package of innovative schemes for farmers with a total outlay of Rs.3,70,128.7 crore. The bouquet of schemes is focused on overall wellbeing and economic betterment of farmers by promoting sustainable agriculture. The initiatives will boost farmers’ income, strengthen natural / organic farming, rejuvenate soil productivity, and ensure food security.

The approved package also consists of innovative incentive mechanism for the restoration, nourishment, and betterment of the mother earth. Market Development Assistance (MDA) scheme in the form of Rs 1500 per MT to support marketing of organic fertilizers, viz., Fermented Organic Manures (FOM)/Liquid FOM/Phosphate Rich Organic Manures (PROM) produced as by-product from Bio- gas Plants/Compressed Biogas (CBG) Plants set up under umbrella GOBARdhan initiative.

Such organic fertilizers would be branded in the names of Bharat Brand FOM, LFOM and PROM. This on one hand will facilitate in addressing the challenge of management of crop residue and problems of Parali burning, will also help in keeping the environment clean and safe and at the same time provide an additional source of income for farmers. Farmers will get organic fertilizers (FOM/LFOM/ PROM) at affordable prices.

This initiative will facilitate implementation of Budget announcement of establishing 500 new waste to wealth plants under GOBARdhan scheme for promoting circular economy, by increasing the viability of these BG/CBG plants.

Promotion of Natural Farming as sustainable agriculture practice is restoring soil health and reducing input costs for farmers. 425 KVKs (Krishi Vigyan Kendras) have laid down demonstrations of natural farming practices and organized 6,777 awareness programs involving 6.80 lakh farmers. Course curricula for Natural Farming has also been developed for BSc as well as MSc programmes to be implemented from the academic session July-August 2023.

This initiative will facilitate implementation of establishing

AgroPolicy, Finance, Foodgrains, India, Schemes - Govt

The expected margin to farmers over their cost of production are estimated to be highest in case of bajra (82 per cent) followed by tur (58 per cent), soybean (52 per cent) and urad (51 per cent).

The Cabinet Committee on Economic Affairs (CCEA) chaired by the Prime Minister Narendra Modi has approved the increase in the Minimum Support Prices (MSP) for all mandated Kharif Crops for Marketing Season 2023-24.

Government has increased the MSP of Kharif Crops for Marketing Season 2023-24, to ensure remunerative prices to the growers for their produce and to encourage crop diversification.

The increase in MSP for Kharif Crops for Marketing Season 2023-24 is in line with the Union Budget 2018-19 announcement of fixing the MSP at a level of at least 1.5 times of the All-India weighted average Cost of Production, aiming at reasonably fair remuneration for the farmers. The expected margin to farmers over their cost of production are estimated to be highest in case of bajra (82 per cent) followed by tur (58 per cent), soybean (52 per cent) and urad (51 per cent). For rest of the crops, margin to farmers over their cost of production is estimated to be at least 50 per cent.

In the recent years, Government has been promoting the cultivation of crops, other than cereals such as pulses, oilseeds, and Nutri-cereals/ Shree Anna, by offering a higher MSP for these crops.  Additionally, government has also launched various schemes and initiatives, such as the Rashtriya Krishi Vikas Yojana (RKVY), the National Food Security Mission (NFSM), to encourage farmers to diversify their crops.

As per Third Advance Estimates for 2022-23, total Foodgrain production in the country is estimated at record 330.5 million tonnes which is higher by14.9 million tonnes as compared to the previous year 2021-22. This is the highest increase in the last 5 year.

The expected margin to farmers over their