The rural economy will get a big boost in the weeks ahead as massive grain purchase by official agencies and direct cash transfers will inject ₹1 lakh crore into villages, which officials said would cheer farmers who feared losses if the lockdown further delayed the harvest.
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Food Corporation of India (FCI) is to procure grains in Punjab, Uttar Pradesh and Madhya Pradesh from 15 April. The massive procurement involves farmers, transporters, traders and labourers. FCI plans to buy 40 million tonnes of wheat at Rs.19,250 per tonne. Due to the lockdown, many farmers have suffered the loss of perishable products like fruit and vegetables that could not reach the market. Government will also pay around Rs.80,000 crore to farmers in the next three months.
