Amid lower castor prices, Gujarat wing of Bharatiya Kisan Sangh (BKS) – a farmers’ body has demanded fixation of minimum support price (MSP) for castor at ₹70,000 (USD 1130/ton) a tonne.
According to farmers, prices have tumbled to lower levels that are not remunerative for growers.
“MNCs and their Indian agents to fulfil their export obligation are forcing Indian castor farmers to sell their crop at non-remunerative prices of ₹41,000-44,000 PMT () (whereas input cost stands at ₹60,000-70,000 PMT(US$ 970-1130/PMT) ),” BKS stated in a statement.
The farmers’ body has appealed to the Central Government to announce minimum support price of ₹70,000 a tonne for Castor Seed and minimum export value of $2,000 PMT for castor oil.
Further, BKS has also urged the commodity exchanges and the commodities market regulator – Forward Market Commission (FMC) to impose additional cash margin on the sell side to safeguard farmers from falling prices of castor seed.