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Cabinet nod for new procurement policy to ensure MSP to farmers

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The Union Cabinet has approved a new procurement policy under which one scheme will focus on compensating oilseeds farmers if rates fall below the MSP, and another will allow states to rope in private players for procurement, sources said Wednesday. A decision in this regard was taken in the Cabinet meeting, headed by Prime Minister Narendra Modi, held in New Delhi. In the budget this year, the government had announced that it will put in place a fool-proof mechanism to ensure minimum support price (MSP) to farmers. It had asked think-tank Niti Aayog to suggest a mechanism in consultation with the union agriculture ministry and states. (Text: PTI)

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