Madhya Pradesh Chief Minister Mohan Yadav on Thursday transferred ₹233 crore to the bank accounts of 1.33 lakh soyabean farmers across the State under the Bhavantar Bhugtan Yojana to compensate them for the difference between the market price and the support price for the crop.
Mr. Yadav transferred the amount at an event held in Dewas district and said Madhya Pradesh is the first State to introduce the scheme.
The scheme was announced by Mr. Yadav in September with registrations being done from October 3 to 17. As per the State government data, more than 9 lakh farmers have registered under the scheme while more than 1.35 lakh have sold their produces at various mandis (agricultural produce markets).
Mr. Yadav said, “Farmers registered under the Bhavantar Yojana will be able to sell their soyabeans in the mandis until January 15. Procurement is being carried out in more than 220 main mandis and 80 sub-mandis across the State.”
The Central government has set up the support price for soyabean at ₹5,328 per quintal, up from last year’s ₹4,892. Last week, the State government declared the model market price of the crop above ₹4,000 per quintal with Mr. Yadav saying that farmers will be compensated for the difference amount of about ₹1,300.
