The festival was inaugurated jointly by the Minister for Agriculture, Ghulam Hassan Mir and Minister for Tourism Ghulam Ahmad Mir at Dusoo, Pampore, 14kms from here.
A 'Zaffron Centre' set up by Sher-e-Kashmir University of Agriculture Sciences and Technology was also inaugurated on the occasion.
The minister for Tourism said the festival is aimed at attracting more tourists to the state, besides providing market to the farmers on the global level.
He also expressed satisfaction over the arrival of tourists this year, saying the season was fully peaceful and the people related to tourism "earned their livelihood and lived a dignified and honourable life".
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Minister for Agriculture said the festival has been organised to celebrate the arrival and harvesting of the precious crop and the event focuses on the vibrancy of the Saffron fields amidst colourful festivities that add charm to the magnificent saffron fields.
He said marketing facilities have also been provided to farmers so that socio-economic conditions of the people are improved.
A film on "The Saffron Route", celebrating the Saffron bloom, was also screened on the occasion.