The new deal
The Sen committee has evolved an effective formula to compensate farmers who will get lower msp. According to it, the difference between the current msps and the lower cost of production-based msps, multiplied by the average of three years' procurement figures, will be ploughed back as direct income support for farmers.
At current levels of procurement, the aggregate compensation package comes to Rs 3,915 crore. Sen feels that the state government should be free to offer this benefit to farmers in any of the following methods or as a combination of them:
• Direct per hectare transfer to farmers
• Subsidising premiums on insurance schemes on crop incomes/yield
• Specific crop diversification schemes
• Other credit/input-linked schemes to offset cost, including electricity.
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