UP govt to borrow Rs 2,000 cr for paying farmers during wheat procurement

Adityanath-led government is targetting procurement of 5.5 million tonnes of wheat

Uttar Pradesh government plans to raise Rs 2,000 crore in bank loans to pay farmers in the rabi marketing season and wheat procurement during a national lockdown to contain the coronavirus.

The state cabinet recently approved the proposal of the UP State Food and Essential Commodities Corporation Limited to raise Rs 2,000 crore from Bank of Baroda to pay farmers against wheat procurement.

The government is targeting procurement of 5.5 million tonnes (MT) of wheat this season against the minimum support price (MSP) of Rs 1,925 per quintal (100 kg).