Prime Minister Narendra Modi has announced that soybean will now have a Minimum Support Price (MSP) of Rs 6,000 per quintal, providing significant relief to farmers facing challenges in regions like Vidarbha and Marathwada. This decision comes after the Maharashtra government, led by the Mahayuti coalition, had previously provided separate assistance of Rs 5,000 per farmer to help them cope with the crisis.
In addition to this, Deputy Chief Minister Devendra Fadnavis had earlier introduced the "Bhavantar Yojana," under which farmers will receive the difference in price if their soybeans are sold below the MSP. With Prime Minister Modi’s announcement of the Rs 6,000 MSP, soybean farmers, particularly in regions like Vidarbha, are feeling more optimistic and reassured.
Soybean is a key cash crop grown by farmers in Maharashtra, especially in the lead-up to Diwali. Vidarbha and Marathwada regions see a significant amount of soybean production, with districts like Washim, Buldhana, Akola, Amravati, Yavatmal, Wardha, Nagpur, Chandrapur, and Bhandara contributing heavily. Experts estimate that western Vidarbha alone produces soybean worth over Rs 7,100 crore.
The government’s support has been crucial for these farmers, especially as soybean cultivation plays a central role in the rural economy during the Diwali season. The announcement of the Rs 6,000 MSP has generated a sense of hope among farmers, with many expressing satisfaction with the government’s decision.
The market has also shown renewed enthusiasm following the announcements by both Deputy Chief Minister Fadnavis and Prime Minister Modi. With Diwali approaching, traders are also planning their strategies based on these policy changes. Sources indicate that soybean prices may rise in both the government-mandated markets and the open market, as the government’s support boosts farmer confidence.
