Union Cabinet approves settlement to 4 government agencies for import of pulses [ Current News (Concise) ]
About 4 government agencies: These include National Agricultural Cooperative Marketing Federation of India (NAFED), Metals and Minerals Trading Corporation of India (MMTC), State Trading Corporation of India (STC) and PEC.
- During the period from 2006 - 11, Union Government had introduced two schemes in order to develop the demand - supply gap in pulses.
- In first scheme the government had asked these four agencies to import and sell pulses in the open market to compensate of 15 per cent losses happening.
- The other scheme where the government will allot these imported pulses via ration shops by Public distribution System (PDS) to poor people at a fixed price of 10 rupees per kg.
About the approval:
- The Union Cabinet (A Cabinet of Senior Ministers, led by Prime Minister approves in taking decision on Republic of India) has approved settlement of 113 crore rupees for suffering losses on pulses imported by four government agencies between 2006 - 2011 period.
- This decision will enable these 4 agencies to proceed financially in order to increase trading activities and to decrease prices of needed commodities.
- Published/Last Modified on: September 12, 2015