A wheat crop (/AFP/Getty Images)The government has directly transferred about Rs 76,000 crore to the bank accounts of the farmers in different parts of the country for the wheat procured from them during the ongoing rabi marketing season (RMS), reports Times of India.
Punjab and Haryana farmers have got a mammoth share of the total sum transferred at Rs 26,000 crore and Rs 16,700 crore respectively. This gains significance as the two were the last remaining states to have adopted the direct bank account transfer of the minimum support price (MSP).
The amount is set to increase further as the total cost of MSP procurement of wheat stands at 81,200 crore. It takes two-three days to process the transfers given the large number of transactions involved.
The direct bank account transfer of funds has benefited as many as 44.4 lakh farmers across the country as per the data shared by the Ministry of Consumer Affairs, Food and Public Distribution.
It should also be noted that the government has revised the wheat procurement target by increasing the same by six lakh tonnes to 433 lakh tonnes. Also, the RMS procurement last year stood at 390 lakh tonnes.
An Appeal...
Dear Reader,
As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.
Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.
We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.
Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.