India proposes to purchase pulses from Mozambique

india beans

The Government of India has submitted a proposal to its Mozambican counterpart to sign a five-year contract to purchase pigeon peas (toor dal) at a guaranteed minimum price plus the cost of transport, the Hindu newspaper reported.

The guaranteed minimum price is a form of market intervention by the government of India to ensure farmers’ income in the event of a fall in prices of agricultural products.

Sources quoted by the newspaper said a draft contract has already been presented to the government of Mozambique, which has not yet given a formal response.

The guaranteed minimum price for pigeon peas is set at 5050 rupees per quintal (100 kg), which includes a bonus of 200 rupees for the 2016/17 agricultural year.

In the Indian market, pulses, including peas, lentils and beans are being traded at 198 rupees per kilo due to a drop in production after two consecutive years of drought.

The Indian production of pulses is expected to reach 17.06 million tons in 2015/2016, slightly lower than the 17.15 million tons recorded a year earlier, but insufficient for consumption, which totals 23.5 million tons.

source: macauhub
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