Cabinet Committee on Economic Affairs approved buffer stock of pulses

The Cabinet Committee on Economic Affairs (CCEA) has approved creation of buffer stock of pulses to deal with wide fluctuation in prices of pulses and check food inflation. The buffer stock will be created by the procurement and would be valid for fiscal year 2015-16. As per decision The buffer stock will consist about 50000 tonnes of pulses from the kharif crop 2015-16 and one lakh tonnes from the rabi crop of 2015-16. The Procurement will be done at market prices through above Minimum Support Price (MSP) out of the Price Stabilisation Fund. If the prices fall below MSP, the procurement will be made at MSP under Price Support Scheme of Department of Agriculture (DoA). Procuring agencies would be Food Corporation of India (FCI), National Agricultural Cooperative Marketing Federation of India Ltd. (NAFED) and Small Farmers’ Agribusiness Consortium (SFAC). The CCEA also decided to import pulses through Union Ministry of Commerce depending on the requirement.