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Madhya Pradesh Chief Minister Mohan Yadav said on Tuesday that registrations for the state's Bhavantar -- meaning price difference -- scheme will continue until October 17. Taking to his official handle on microblogging site X, the CM said that the price difference, as allowed under the scheme, will be directly transferred to the farmers' bank accounts within 15 days of crop sale.

He said that the scheme is aimed at ensuring a fair price for soybean growers. 

Through the Bhavantar scheme, the state government guarantees fair prices for soybean farmers, covering any losses incurred by them in case the market price falls below the Minimum Support Price (MSP). 

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Currently, the government's MSP for the crop stands at Rs 5,328 per quintal. 

The scheme compensates for losses incurred due to price falls, ensuring a minimum income for growers. It aims to benefit farmers by providing them with financial support and reducing their vulnerability to market risks. 

The scheme came into force from October 24. 

Upon registering, farmers can continue selling their soyabean crops in wholesale and other markets, and claim benefits if the market price fails to meet the mark in comparison with the Minimum Support Price (MSP). In case of a shortfall, the state government compensates the farmer for the difference in the realised price and the MSP. 

Additionally, the state government also compensates the farmers for losses incurred due to plant conditions such as yellow mosaic disease, CM Mohan Yadav wrote in an earlier post on X. 

Here are answers to a few frequently asked questions (FAQs) about the MP Bhavantar scheme:

What is the Bhavantar scheme?

The Bhavantar scheme is a state-run scheme that ensures fair prices for soybean farmers in Madhya Pradesh. How do soybean farmers benefit from the Bhavantar scheme?

Farmers receive the difference between the MSP and the market price directly in their bank accounts within 15 days of selling their crops.

When can farmers register under the scheme?

The registrations are open until October 17.

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