Haryana to compensate farmers’ loss through innovative price deficit payment scheme

Haryana’s Bhavantar Bharpai Yojana, which implemented on January 1 is a price deficit payment scheme. The state government scheme promises to make farmers risk-free by paying them the production cost when the market prices are lower than the cost incurred by them.

The project, which was suggested by Central government’ s policy think tank Niti Aayog, was first implemented by Maharashtra. Since January 1, around 4,435 farmers have registered for Haryana’s Bhavantar Bharpai Yojana. The government promises to pay registered farmers the difference between the market price and their cost of production to buffer them in the event of market failures.

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Madhya Pradesh’s Bhavantar Bhugtan Yojana initially covered seven oilseeds and pulses, all of which have minimum support prices declared by the Centre. But, the government procures only wheat and rice regularly, and pulses intermittently. Madhya Pradesh’s scheme was meant to fill this gap. Haryana’s Bhavantar Bharpai Yojana has selected tomato, onion, potato, and cauliflower for the scheme.