CCEA gives its approval for MSP of copra for year 2021
Part of: GS Prelims and GS-III – Agriculture
- The Cabinet Committee on Economic Affairs has given its approval for the Minimum Support Price (MSP) of copra for 2021.
- Copra is the dried meat or kernel of the coconut, which is the fruit of the coconut palm (Cocos nucifera).
- Coconut oil is extracted from copra, making it an important agricultural commodity for many coconut-producing countries.
- The MSP for Fair Average Quality (FAQ) of milling copra has been increased, by Rs.375/-, to Rs. 10335/- per quintal for 2021 season from Rs. 9960/- per quintal in 2020.
- The approval is based on recommendations of the Commission for Agricultural Costs and Prices (CACP).
- The increase in MSP for copra for 2021 season is in line with the principle of fixing the MSP at a level of at least 1.5 times the all India weighted average cost of production which was announced by the Government in the Budget 2018-19.
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- The National Agricultural Cooperative Marketing Federation of India Limited (NAFED) and National Cooperative Consumer Federation of India Limited (NCCF) will continue to act as Central Nodal Agencies to undertake price support operations at the MSP in the coconut growing States.
Important value addition
National Agricultural Cooperative Marketing Federation of India Ltd (NAFED)
- It is an apex organization of marketing cooperatives for agricultural produce in India.
- It was founded on 2nd October 1958.
- It is registered under the Multi-State Co-operative Societies Act, 2002.
- NAFED is now one of the largest procurement as well as marketing agencies for agricultural products in India.
- Objectives: (1) To organize, promote and develop marketing, processing and storage of agricultural, horticultural and forest produce; (2) To distribute agricultural machinery, implements and other inputs; (3) To act and assist for technical advice in agricultural production