BANK OFFICERSS

• Bhavantar Bhugtan Yojana..-

​Launched by..-​ Government of India..

​Lunched..-​October 16, 2017..

Aim of this scheme..-​

To make sure that farmers get reasonable prices for their crops..

Inaugurated By..-​

Madhya Pradesh Chief Minister Shivraj Singh Chouhan..


Introduction..:-​

Madhya Pradesh Chief Minister Shivraj Singh Chouhan​ launched ​‘Bhavantar Bhugtan Yojna’​ On October 16, 2017 to hedge price risks in agriculture wherein farmers will be compensated for distress sales at prices below Union government-announced ​minimum support prices (MSP)​ in the presence of the farmers at the Krishi Upaj Mandi in Khurai, Sagar district of Madhya Pradesh..

Important Facts..-​

• The objective of this scheme is to protect them from losses suffered because of distress sale.
• Under this scheme, farmers will be compensated the difference between Minimum Support Price (declared by Union Government) and the actual sale price or model Price, whichever is higher.
• Model Price will be the average market prices for a particular commodity over a two-month period in Madhya Pradesh and two other states where the crop is grown and traded.
• The amount will be deposited in the bank account within a period of 2 months.
• At first, compensation under the scheme will be provided for eight crops including oil seeds and some pulses etc.
• For instance, if the MSP for soybean is Rs 2500 per quintal and the modal rate is Rs2,200 per quintal, if a farmer sells the crop at Rs2,300 per quintal in a mandi (wholesale market), the government will pay out Rs200 for every quintal sold directly to the farmer’s bank account.
• However, if the crop is sold at Rs2,100 per quintal, the state will transfer only Rs300 per quintal of produce sold, or the difference between MSP and the modal price.
• To avail the benefits farmers will have to register their crops at village-level cooperative societies along with their Aadhaar and bank account numbers also farmers are required to sell their crops only in mandis and obtain a receipt for the same.
• Government set a panel tasked with  revamping MSP, which was headed by Ramesh Chand, who is currently a member of federal think tank NITI Aayog.

• 8 Crops Covered Under Bhavantar Bhugtan Yojana are:-​

1. Soybean.
2. Groundnut.
3. Til.
4. Ramtil.
5. Maize.
6. Moong.
7. Urad.
8. Tuar Daal.

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