Bhubaneswar: Odisha cabinet Friday approved a provision of Rs 500 crore for the implementation of price support scheme by the Odisha State Cooperative Marketing Federation for procurement of oilseeds and pulses on behalf of NAFED (National Agricultural Cooperative Marketing Federation of India).
Odisha Cooperation Minister Atanu Sabyasachi Nayak said the five years scheme from 2023-24 to 2027-28 is introduced with an objective to support more than 1,500 of PACS, LAMPS/RMCs/FPOs/ WSHGs reaching around one lakh farmers in next five year to support the beneficiaries and will prevent distress sale.
The price support scheme is introduced to diversify agriculture production to make the economy more competitive and bring more wealth and prosperity to farmers. The interest-free loan would be sanctioned by the Cooperation department and shall be released by the RCS (Registrar of Cooperative Societies) to state agency OSCMF (MARKFED), Nayak said.
The fund released to MARKFED will be kept in an escrow account and shall be utilised only for the procurement of oilseeds and pulses within Odisha. It will be refunded by the agency to the government within a stipulated period, Nayak added.
UNI
