Farmers in the State have turned entrepreneurial.
They have launched a start-up company to market their produce and provide agricultural inputs, including seeds and fertilizer, at less than market price. The Raitha Mitra Farmers Producer Company Ltd. took 8 months in the making and has 1,000 members from across the State.
Inspired by a similar endeavour of turmeric producers in Erode in Tamil Nadu and coconut cultivators in Kerala, the company was inaugurated by Suttur seer Shivaratri Deshikendra Swami on Tuesday.
The membership is open only to genuine land-holding farmers. Membership is restricted to one representative from each farmer family.
Besides proving agricultural implements at lower price, the company intends extend to loan at nominal interest, create warehouse facilities so that farmers can hold on to their produce instead of engaging in distress sale when the market slumps, said Kurubur Shanthakumar, chairman of the company.
Described as the first-of-its-kind initiative in the State, there are members from Belagavi, Vijayapura, Bagalkot, Karwar, Dharwad, Mysuru, Chamarajanagar, Haveri to name a few, he said.
“Each member farmer has to buy 50 company shares at the rate of Rs. 100 each and the capital will be used in part for financing some of its activities and profits shared in accordance with the share held by the members,” he added.
One of the main objectives is to help reduce cultivation cost by procuring agricultural inputs at cost price and selling it to the members at less than market price, which will add to the company’s profit while resulting in helping farmers save.
“The scourge of middlemen in agriculture will be eliminated to a large extent and the sale of spurious seeds and fertilizers will be scorched,” Mr. Shanthakumar said.
