Traders say diktat will translate into a Rs 1,500 crore loss as domestic prices have fallen sharply over past two months
Say if adopted now, India will become self-reliant in pulses in five years
The panel also recommended that the government procure pulses on a war footing, create buffer stock of 2 million tonnes
Panel was set up in the wake of a recent surge in retail prices of pulses
This year's harvest is expected on the back on a good southwest monsoon and higher price realisation by farmers
The fund allocated for pulses buffer is more than 40% of entire farm ministry's 2016-17 budget
The exercise will ensure a stable price regime for pulses and also encourage domestic farmers to increase production of pulses
The decision was taken at a meeting of the Cabinet Committee on Economic Affairs, chaired by PM Modi
Besides NAFED, the Small Farmers' Agribusiness Consortium and the Food Corporation of India are also undertaking pulses procurement
Prices of other pulses could fall below the MSP once supplies roll in from the new season crop
Total Kharif Acreage Up By 4 per cent
Better prices encourage farmers to divert to pulses which has increased sowing by 35.45%
Government officials said unless this is done, the government would be saddled with huge unsold inventory
Move comes as states show little interest in lifting pulses allocated to them
In pulses, arhar has been the top gainer with area under the crop around 55 per cent more than the year-ago period
Pulses acreage stood at 121.10 lakh hectares this season against 89.72 lakh hectares last season
Poor international crop resulted in further price rise as it forced importers to buy at higher rates to meet domestic demand
Buffer stock mechanism pursued by the government to tackle skyrocketing prices of pulses does not seem to be working
India imported pulses worth $3.90 billion in 2015-16 as against $2.78 billion in the previous financial year
Opening the week at Rs 14,200, urad dal was less by Rs 500 per quintal from Rs 14,700, ruled steady till Thursday