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The Centre has increased the minimum support price (MSP) for fair average quality (FAQ) of “milling copra” by ₹400 to ₹5,950/quintal for the 2016 season against ₹5,550/quintal in 2015.
The MSP for FAQ of “ball copra” has also been increased to ₹6,240/quintal for 2016 season from ₹5,830/quintal in 2015, an official release said after a meeting of the Cabinet Committee of Economic Affairs here on Wednesday.
The decision is based on the recommendations of Commission for Agricultural Costs and Prices (CACP). CACP, which is an expert body, takes into account the cost of production, overall demand-supply, domestic and international prices, cost of conversion of copra into coconut oil, the likely effect of the price policy on the rest of economy, besides ensuring rational utilisation of production resources like land and water, while recommending MSPs.
The National Agricultural Cooperative Marketing Federation of India Limited (Nafed) and National Cooperative Consumer Federation of India Limited would continue to act as central nodal agencies to undertake price support operations at the minimum support prices in the coconut growing States.
Welcoming the decision, Thalath Mahmood, Director, Cochin Oil Merchants Association, said that at a time when copra prices started dwindling, a full fledged procurement by recognised government agencies would revive the coconut oil market.
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