Business

Farmers became rich by selling wheat, the government gave these figures

Photo:GOOGLE

Farmers sold their crop.

Highlights

  • Farmers sold their crops to private traders
  • Sales done at Rs 2,150 per quintal instead of Rs 2015
  • 5,994 crore profit over MSP

In a statement issued by the Agriculture Ministry, it was said that instead of selling their wheat crop to the government at the Minimum Support Price (MSP) this year, farmers are selling their wheat crop to private traders at a higher price. Farmers have earned a profit of about Rs 5,994 crore this time by selling wheat to private traders at higher rates. The ministry also said that farmers have reportedly sold their produce at an average rate of Rs 2,150 per quintal. Farmers have earned more by selling in the open market than the MSP price.

The ministry said that this year farmers have sold 444 lakh tonnes of wheat. Accordingly, farmers have earned Rs 95,460 crore at an average rate of Rs 2,150 per quintal. Had the farmer sold the same crop at the Minimum Support Price (MSP), he would have had to sell it at the rate of Rs 2015 per quintal. In such a situation, his business would have been worth Rs 89466 crore. Thus, the farmers have got a total benefit of more than Rs 5,994 crore as compared to the MSP.

what is the reason behind profit

The ministry said that “the reason for the decline in public procurement is high procurement of wheat by private traders. The reason for this is the increase in the price of wheat in the international market due to demand-supply gap due to prevailing global conditions.

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Shivam Bangwal

Shivam Bangwal is an Indian based entrepreneur who is a tech, travel and coding enthusiast with a post graduation degree on Master's of Computer Applications. He is a founder of Youthistaan, People News Chronicle, Hitchhike TV, Branding Panther and many more.
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