Why is it in the news?
Government is planning to procure almost 12 lakh metric tonnes of apple from Kashmir under the Market Intervention Price Scheme.
What is the Market Intervention Price Scheme?
Market Intervention Scheme (MIS) is a price support mechanism implemented on the request of State Governments.
The scheme aims for procurement of perishable and horticultural commodities in the event of a fall in market prices.
MIS is implemented by the Department of Agriculture &Cooperation, Government of India.
The Scheme is implemented when there is at least 10% increase in production or 10% decrease in the ruling rates over the previous normal year.
The objective of MIS is to protect the growers of these horticultural or agricultural commodities from making distress sale in the event of bumper crop during the peak arrival period when prices fall to a very low level.