Union Cabinet Raises Minimum Support Prices Of 14 Crops Ahead Of Kharif Sowing Season

Union Cabinet Raises Minimum Support Prices Of 14 Crops Ahead Of Kharif Sowing Season

The highest increase in MSP has been recommended for Nigerseed (Rs 983 per quintal), followed by sesamum (Rs.632 per quintal) and Arhar dal (Rs 550 per quintal).

FPJ News ServiceUpdated: Thursday, June 20, 2024, 02:03 PM IST
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New Delhi: The Union Cabinet, chaired by Prime Minister Narendra Modi, has hiked the Minimum Support Price for 14 crops, ahead of the Kharif (summer) sowing season. It is contended that the hike is 1.5 times the production cost. ‘

‘In the 2018 Union Budget, the government of India had taken a clear policy decision that the MSP has to be at least 1.5 times the cost of production. Today's decision is in line with this principle. The cost has been established in a scientific manner and is based on a study by the Commission for Agricultural Costs and Prices in various districts and tehsils across the country," Union Minister for Information and Broadcasting Ashwini Vaishnaw said at a Cabinet briefing on Wednesday. 

The decision is significant as it comes ahead of Assembly polls in states like Haryana, Maharashtra, and Jharkhand, which are scheduled to be held later this year.

Crops And Amount Of Increase In Their MSPs

The highest increase in MSP has been recommended for Nigerseed (Rs 983 per quintal), followed by sesamum (Rs.632 per quintal) and Arhar dal (Rs 550 per quintal). The MSP on Paddy has been increased to Rs 2,300 from Rs 1,533, while the MSP on Jowar has risen to Rs 3,371 from Rs 2,247. Millets have been a focus area for PM Modi.

The minimum support of cotton has also been increased to 7,121 for the normal variety and to 7,521 for another variety, which is Rs 510 higher than the previous MSP. This will ensure remunerative prices to growers for their produce, a release by the government stated.

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