Economy Current Affairs
Economy Current Affairs 3rd Week of April 2017
Category : Economy Current Affairs
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 1. Market purchase scheme to AP red chilli farmers’ aid.


Red chilli farmers, in distress this summer following the collapse of prices in the Guntur market yard, the country’s biggest, can now heave a sigh of relief: the State government has formulated the guidelines for a market intervention exercise, which should lift up prices.

According to the guidelines formulated by the State marketing department officials, the market intervention exercise will begin from April 20 and continue up to June 30. However, the market will remain closed from May 12 to June 11 for summer holidays. During that period, the scheme will not be in operation.

Under the guidelines of the scheme, every farmer can get an additional benefit of ?1,500 per quintal, subject to a ceiling of 20 quintals, and the price per quintal should not exceed ?8,000 inclusive of the ?1,500 per quintal being offered by the government.

The scheme is applicable to tenant farmers as well. To avail of the benefits, farmers should produce photostat copies of their Aadhaar cards and bank accounts. Market yard chairman M Subba Rao said the chilli stocks lying with farmers would be bought at the price fixed by the government, which would be a great relief to the farmers.

Chilli prices crashed from ?12,000-14,000 per quintal last year to below ?5,000 per quintal for most varieties this year, forcing the State government to take up the market intervention exercise.