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Price Stabilization Fund
Price Stabilization Fund. The Central government has approved setting up of a Price Stabilization Fund (PSF), as a Central sector scheme, with a corpus of Rs 500 crore, to support market interventions for price control of perishable agri-horticultural commodities during 2014-15 to 2016-17.
The Central government has approved setting up of a Price Stabilization Fund (PSF), as a Central sector scheme, with a corpus of Rs 500 crore, to support market interventions for price control of perishable agri-horticultural commodities during 2014-15 to 2016-17. Initially, the fund is proposed to be used for market interventions for onion and potato only.
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The PSF scheme provides for advancing interest-free loan to States and Union Territories and Central agencies to support their working capital and other expenses on procurement and distribution interventions for such commodities.
The fund will be managed centrally by a Price Stabilization Fund Management Committee (PSFMC) which will approve all proposals from State governments and Central agencies. The PSF will be maintained as a central corpus fund by Small Farmers Agribusiness Consortium (SFAC), which will act as Fund Manager.
The one time advance to the States/UTs based on their first proposal along with matching funds from the State/UT will form a State/UT-level revolving fund, which can then be used by them for all future market interventions to control prices of onions and potatoes based on approvals by State-level committee set up explicitly for this purpose.
In the case of the North-Eastern States, the State-level corpus will comprise 75% funds from Centre and 25% from the State. While the advance is returnable, the Central government will share 50% of losses (75% in case of NE States), if any, at the time of settlement of the advance on 31st March, 2017. The Central government likewise also intends to share the profits, if any, in the same ratio.
The States could also request Central agencies to undertake such operations on their behalf to be supported out of the State corpus. Additionally, the Centre can also requisition the Central Agencies like Small Farmers’ Agri Business Consortium, National Agricultural Cooperative Marketing Federation of India (NAFED), etc.
to undertake price control operations for onion and potato. Procurement of these commodities will be undertaken directly from farmers or farmers’ organisations at farm gate/mandi and made available at a more reasonable price to the consumers to manage prices of perishable agri-horticultural commodities.
