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Tuesday, April 23, 2024
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Hybrid Seed Prices Cut by 10 Per cent

New Delhi: In a relief to the debt-ridden farmers, the retail prices of hybrid seeds for the ensuing kharif season 2017-18 will be cut by 10 per cent from June 19. The price cut, however, will not apply to the cotton seeds that are already regulated by the government.


The decision to cut the prices was taken by the seed industry after a meeting with Union agriculture minister Radha Mohan Singh. Representatives from the National Seeds Association and the Federation of Seed Industry of India (FSII) attended the meeting. Global seed companies Monsanto, Sygental and Bayer are members of the FSII.


“I appreciate the seed industry for making collective decision in favour of farmers by reducing hybrid seeds MRP by 10%,” Singh later tweeted.


“The industry after consultation agreed to make arrangements for the sale of hybrid seeds at prices 10 per cent below the MRP printed on the seed packets effective from June 19,” M. Prabhakar Rao, president of the National Seed Association, said.


The retail prices of hybrid seeds, which are sold for crops such as corn, rice, bajra, mustard and vegetables, range between Rs 300 per kg and Rs 500 per kg. Over 80 per cent of the seeds sown in the country are hybrids. Total size of the hybrid market in India stands at about Rs 6,000 crore.


In the past, Singh has underscored the need to develop hybrid seeds of improved variety f to face the challenges caused by global climate change.


Earlier this week the government had decided to continue with the Interest Subvention Scheme (ISS) for farmers for the year 2017-18. This will help farmers getting short term crop loan up to Rs. 3 lakh payable within one year at 4% per annum.