Amaravati, Sep 30 (IANS): Andhra Pradesh Chief Minister Y.S. Jagan Mohan Reddy will announce the minimum support price (MSP) for agricultural produce procurement on Thursday, an official said.

Reddy instructed that crops should not be purchased at a price lower than the MSP anywhere in the state, stressing that no farmer should suffer a loss.

He also directed the officials to procure crops from Rythu Barosa Kendras (RBKs) to create competition if required.

According to the official, Andhra Pradesh spent Rs 3,200 core to procure various crops in 2019 to ensure MSP to farmers and also spent an additional Rs 11,500 crore to procure paddy.

Likewise, in 2020, the state government created a Market Stabilisation Fund (MSF) worth Rs 3,300 crore.

Meanwhile, the state government is creating 'Janata Bazaars' at the village level to market agricultural produce. Accordingly, MoUs have been signed with major companies like P&G, Reliance, ITC and HUL and their presence would be there in the Janata Bazaars.

In addition to Janata Bazaars, Reddy has also instructed officials to set up cold storages.