PUNJAB CABINET OKAYS BILL FOR CREATION OF PRICES STABILISATION FUND TO ENSURE MSP FOR FARMERS

Chandigarh, August 23, 2018: The Punjab Cabinet led by Captain Amarinder Singh on Thursday approved a Bill to create a Price Stabilization Fund to ensure that farmers in the state get the Minimum Support Price (MSP) for their produce.

The Bill will be tabled for enactment in the Vidhan Sabha session, beginning tomorrow, it was decided by the Cabinet.

The Bill is aimed at protecting the interests of farmers in the event of a sudden fall in prices of certain agricultural commodities below normal prices. It will bring about amendments toSection 25 (A), 26 and 28 of the Punjab Agricultural Produce Markets Act, 1961.

As per the amendments, contribution will be charged out of the commission charged by arhtiyas towards Agricultural Produce Price Stabilization Fee. The Market Development Fund and Market Committee Fund are being amended by inserting new clause (xxii) after section 26 & 28 of the Punjab Agricultural Produce Markets Act, 1961, so that these funds can also be used in the Price Stabilization Fund.

The step has been taken in view of the pitiable condition of the state’s farmers, pushing many of them to suicide in the recent past. The state government has already taken several other path-breaking initiatives for the welfare of the beleaguered farmers, including waiver of debts of small and marginal farmers.