The fund, to be maintained by the MP State Agriculture Marketing Board, would be used to compensate the shortfall incurred due to the purchase of farm products at market intervention rate, it said. However, the market intervention rate of agriculture produce will be declared by the PSF. The order stated that half of this fund (Rs 500 crore) would be arranged by the state marketing development fund of Mandi Board, while the remaining would be allocated through the budget. Besides, the managing directors of State Warehousing and Logistics Corporation, State Civil Supplies Corporation Ltd and State Agriculture Marketing Board would also be members of the new body. Earlier this month, Chief Minister Shivraj Singh Chouhan had announced setting up of such a fund to help farmers in scenarios where prices of agriculture produce fluctuate and they incur losses.

Source: dna June 29, 2017 15:11 UTC