Bhopal, Nov 10 Madhya Pradesh Chief Minister Mohan Yadav will release on November 13 the first installment of the money under the government's 'Bhavantar Bhugtan Yojana' for farmers who sold their soyabean crops, during an event in Dewas district.
Chief Minister Mohan Yadav shared this information during the Cabinet meeting he chaired on Monday, Madhya Pradesh's Micro, Small, and Medium Enterprises (MSME) Minister Chetanya Kumar Kashyap said while briefing the press.
Minister Chetanya Kumar Kashyap informed that Chief Minister Mohan Yadav will release Rs 300 crore into bank accounts of 1.32 lakh farmers who have sold their soyabean crops and who are registered under the 'Bhavantar Bhugtan Yojana' in the state.
Chetanya Kumar Kashyap further shared that the state government has procured around 2.70 lakh tonnes of soyabean from over 1.60 lakh farmers from across Madhya Pradesh. "Each farmer will receive around Rs 1,300 per quintal for their produce in their bank accounts on November 13," the minister added.
The government is procuring Soyabean crop on 'mandi' rate (agriculture produce market prices which vary on different days.) According to the government, the current price has been calculated at Rs 4,036 per quintal against the minimum support price on soyabean crop at Rs. 5,328 per quintal for this year.
The minister stated that the government has calculated an average mandi rate for soyabean crop and has decided to compensate the price gap directly into farmers’ accounts via Direct Benefit Transfer (DBT).
Notably, Madhya Pradesh Chief Minister Mohan Yadav earlier in September had announced that the State government would implement the 'Bhavantar Bhugtan Yojana' for the soybean crop this year under which farmers are supposed to be paid the “differential” amount between market price and the minimum support price.
Madhya Pradesh is India's largest soybean-producing state, often called the ‘soya bowl,’ with the Malwa region being a major hub due to its fertile black cotton soil.
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