The government is setting up a buffer stock of 20 lakh tonnes of pulses
through domestic procurement and imports to intervene in the market to control price rise.
At its annual general body meeting, Nafed
Chairman V R Patel
said the government has asked it to procure pulses
for buffer stocks.
(National Cooperative Development Corporation) has sanctioned a credit limit of Rs 300 crores for procurement of moong and copra under Price Support Scheme," he said in a statement.
Patel said the government has assured adequate financial support to the organisation to bail-out Nafed
from the present financial crisis so that co-operative continues serving the interest of the farming community.
had maintained 2500 tonnes of onion in buffer stocks last year and 5000 tonnes during the current year on behalf of the government, he said.
On the financial package, he said the Ministry of Agriculture
has already circulated a Cabinet note to different ministries for their comments and the same shall be placed before the Cabinet very shortly.
managing director Sanjeev Kumar Chadha tabled a detailed account of business activities of the cooperative for the year 2015-16 before the general body.
In 2015-16, Nafed
had a turnover of Rs 544.18 crores and earned a gross profit of Rs 16.49 crore.
He informed that the government would sanction financial revival proposal of Nafed
including one time settlement with the lender banks.
has taken major target of 7 lakh tonnes of pulses
2016-17 and Rabi
2017 season due to which the farmers will be immensely benefitted," Chadha said.
had a turnover of Rs 2,516.38 crore during 2014-15.
There was a gross profit of Rs 20.57 crore, but due to huge interest liability on outstanding loans in tie-up business, there was a net loss of Rs 156.68 crore.