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Following bumper groundnut crop projections for the ongoing season, the National Agricultural Cooperative Marketing Federation (NAFED) has procured over 5 lakh tonnes of the crop from the growing States.
Per NAFED data, as on January 16, it had procured 3.72 lakh tonnes of groundnut from Gujarat at the minimum support price (MSP) of ₹5,090/quintal. Its total procurement across the country stood at 5.33 lakh tonnes under the Price Support Scheme (PSS).
Groundnut output is projected at about 70 lakh tonnes in the country, of which about 32 lakh tonnes is expected in Gujarat alone, per initial estimates. Due to a bumper crop of the oilseed, which is primarily used as a snack/ingredient besides being used to make cooking oil, the market prices had dipped below the MSP. The MSP is decided on by the Centre to provide remunerative prices to farmers.
Groundnut quoted at ₹3,800-4,925 per quintal at the Gondal market. The prices have dipped by over ₹160/quintal for farmers, prompting NAFED to step up purchases.
Apart from Gujarat, NAFED procured 1.44 lakh tonnes of groundnut from Rajasthan and 16,600 tonnes from Andhra Pradesh during the given period. It has been given the mandate to procure up to 25 per cent of the total projected crop under the PSS.
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