STOCK MARKET BSE NSE

NABARD Lends Rs 1,000 Crore to HSWC for Wheat Procurement

National Bank for Agriculture and Rural Development sanctioned Rs 1,000 cr loan to Haryana for Rabi wheat purchase.

Published: 25th April 2016 04:10 PM  |   Last Updated: 25th April 2016 04:10 PM   |  A+A-

By PTI

CHANDIGARH: National Bank for Agriculture and Rural Development (NABARD) has sanctioned a loan of Rs 1,000 crore to Haryana State Warehousing Corporation for purchase of wheat during the ongoing rabi marketing season.

"The (Rs 1,000 crore) loan is going to help the corporation for payment of wheat purchased from farmers in various mandis/outlets in Haryana, in line with the government's resolve to pay the farmers' dues at the earliest," NABARD said in a release issued here.

The objective of foodgrain procurement by the government agencies is to ensure that farmers get remunerative price for their produce and do not have to resort to distress sale and build buffer stocks, it said.

The state government has authorised five agencies namely Food and Supplies Department, HAFED, Haryana Agro Industries Corporation (HAIC), Food Corporation of India (FCI) and Haryana State Warehousing Corporation (HSWC) to procure wheat at MSP during the 2016-17 marketing season.

The Haryana Food and Supplies Department expects around 75 lakh metric tonnes of wheat in the current season.

The state is one of the major contributors to the country's central pool of foodgrains.

During the 2015-16 kharif season, NABARD had disbursed an amount of Rs 500 crore to the corporation for paddy procurement.

Stay up to date on all the latest Business news with The New Indian Express App. Download now

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp