Government will extend the procurement period for arecanut under the recently announced Market Intervention Scheme (MIS), Commerce and Industry Minister Nirmala Sitharaman said Saturday. “Spoken to Agriculture Minister Radha Mohan Singh and Agri Secretary on extension of arecanut procurement period under recently announced MIS. Grateful the Minister and secretary agreed on need to extend the period. Notification to be issued in the coming week,” she said in a tweet.
The government is procuring arecanut in view of fall in prices of the commodity in the domestic market. The Agriculture Ministry is implementing the MIS for procurement of agricultural and horticultural commodities which are generally perishable in nature.
The objective of the scheme is to provide remunerative prices to the farmers in case of glut in production and fall in prices. Karnataka, major producer of arecanut, was demanding extension of procurement period.