Union Government notified Maximum Sale Price of Bt Cotton Seed

Posted on:14 Mar 2016 12:51:05

Union Government notified Maximum Sale Price of Bt Cotton Seed
14 March 2016 Current Affairs GK: The Union Government on 9 March 2016 notified maximum sale price of Bt cotton seed for 2016-17. An announcement in this regard was made by the Union Agriculture and Farmers Welfare Minister Radha Mohan Singh.As per the notification, the price of BG-I version of Bt cotton hybrid (9450 grams of Bt Cotton plus 120 grams refugia) was fixed at 635 rupees, while the price of BG-II version was fixed at 800 rupees.The notification was released as per the Cotton Seed Price (Control) Order, 2015 that was issued under the Section 3 of the Essential Commodities Act, 1955.In India, the Bt cotton seed market has been largely controlled by the private companies especially by the multinational companies like Monsanto.Though these companies ensured adequate supply of the seeds there were wide scale allegations that they were charging exorbitant prices that consequently became a cause of concern for small and marginalized cotton growing farmers.Against this backdrop, the Union Government issued the Cotton Seed Price (Control) Order, 2015 on 7 December 2015 in order to regulate Bt cotton seed prices and there by safeguard the interests of the farming community.As per this order, a nine-member committee was set up to recommend the maximum sale price after taking into consideration the seed value, licence fees including one-time and recurring royalty (trait value), trade margins and other taxes.

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