Nizamabad Market Yard Makes a Killing on Record Turmeric Prices
Nizamabad: The surge in turmeric prices brought cheers among farmers and windfall for Nizamabad Agriculture Market Yard, which collected Rs 10 crore through the market fee. After a gap of 10 years, the prices of turmeric have risen to around Rs 14,000 per quintal which is double the price last year.
Demand in the international market and a decrease in crop cultivation boosted the hike in turmeric prices. Around Rs 1,000 crore worth of turmeric sales were recorded at Nizamabad market yard which is one of the biggest markets for turmeric trade.
Given the steep fall in turmeric prices for the past few years, farmers reduced the cultivation of turmeric from 36,000 acres to 25,000 acres in the Nizamabad district as the crop sold at mere Rs 6,000 per quintal. In this context, the yield of turmeric drastically decreased not only in Nizamabad district but also in neighbouring Jagtial and Nirmal districts. As a result of this, turmeric exports increased in recent times as the demand for turmeric shoots up in the International market.
In this context, the prices of turmeric gradually increased since January. On average, the crop was sold at Rs 10,960 per quintal with the highest price crossing the Rs 14,000 mark, bringing profits to farmers after a decade. In the current season, 9.59 lakh quintals turmeric worth of Rs 1007.73 crores were registered in the Nizamabad market. By levying one per cent market fee on transactions in the market yard, the market committee received Rs 10 crore revenue this year.
Speaking to Deccan Chronicle, a senior official from the marketing department said that compared with the arrivals last year, turmeric quantity was lesser this season. The market fee was also increased given the hike in prices, he said. During the BRS regime, the funds from the Nizamabad market yard were diverted to other market yards, he said. ‘We are hopeful that existing funds will be utilised for the welfare of farmers in Nizamabad only’, he said.
