Answer the question in maximum 100 words. This question carries 06 marks. [MPPSC 2019]
Examine the Buffer Stock Policy in India.
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The buffer stock policy in India is a government plan aimed at stabilizing prices in turbulent markets. It involves purchasing and storing commodities during surplus periods to prevent prices from dropping below a certain level and releasing them during shortages to prevent prices from rising above a specified level.
The Main Objective of the Buffer Stock Policy is:
1. Food Security
2. Price stabilization
3. Farmer Support (by Minimum Support Price (MSP) for stock purchased from farmers)
4. Emergency Response
The concept of buffer stock was first introduced during the 4th Five-Year Plan (1969-74).
Buffer Stock Policy in India
What is Buffer Stock?
Buffer stock refers to the reserve of essential food grains (like wheat and rice) maintained by the government to stabilize prices and ensure food security.
Key Features:
Revamping Needs:
There is a need for modernizing storage and improving procurement methods to avoid wastage and enhance efficiency.