The Union agriculture ministry, envisioning a record mustard output of 12.69 million tonnes, has swung into action as market prices dip below minimum support levels amid a bumper harvest.
State cooperatives, particularly the National Agricultural Cooperative Marketing Federation (NAFED) and the National Cooperative Consumers Federation (NCCF), have swiftly procured 80,000 tonnes of mustard, marking their crucial role in supporting farmers and stabilizing market conditions.
Targeting nearly three million tonnes across key producer states, the government’s price support scheme ensures farmers secure profits by buying oilseeds when rates fall.
Procurement is expected to escalate in the coming weeks, despite mustard seed prices hovering slightly below the minimum support price.
Meanwhile, the government continues its policy of lower import tariffs on edible oils, extending until March 2025, to stabilize domestic prices and pass on benefits to consumers.