Kerala Government Allocates Rs. 50 Crore To Supplyco For Paddy Procurement; Read On

8/11/2024 6:28:51 AM

(MENAFN- AsiaNet News) The Kerala state government has allocated Rs 50 crore to the State Civil Supplies Corporation to support paddy procurement for the current season. This announcement, made by Finance Minister K N Balagopal, is intended to ensure that farmers receive timely payments for their paddy despite a backlog of Rs 207 crore in central government allocations.

In Kerala, farmers are paid for their paddy immediately upon delivery, which is a notable difference from other states where payment is made only after receiving a central support price. This practice allows farmers to be compensated promptly without waiting for federal support.

Kerala provides one of the highest state subsidies for paddy in the country. This financial aid is crucial in maintaining fair compensation for farmers. Additionally, under the Paddy Refinance Scheme (PRS), farmers receive their payment through bank loans, which are repaid by the state government, covering both the principal and interest.

The state government also handles the production bonus and interest costs, ensuring that farmers are not burdened with financial liabilities. This scheme, which guarantees immediate payment without requiring farmers to manage loan obligations, is unique to Kerala and highlights its commitment to supporting its agricultural sector.

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Thus, Kerala's proactive approach in paddy procurement and financial support underscores its dedication to the welfare of farmers, ensuring they receive timely payments and are relieved of financial responsibilities related to their produce.

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