Nation

Kharif crops MSP hike approved by The Union cabinet

Published on June 7, 2023

For the marketing season 2023-24, the Union Cabinet has approved a rise in the minimum support price (MSP) for Kharif crops. “The move is intended to ensure remunerative prices for growers’ produce and to promote crop diversification,” Union Minister Piyush Goyal said on Wednesday.

The Cabinet Committee on Economic Affairs (CCEA), chaired by PM Narendra Modi, recommended an increase in the minimum support price (MSP) for paddy from Rs.143 to Rs.2,183 per quintal for the 2023-24 crop year (July-June) to encourage farmers to plant additional land and increase their income.

“We have fixed MSP regularly based on CACP (Commission for Agricultural Costs and Prices) recommendations in agriculture.” “The increase in MSP of Kharif crops this year is the highest compared to previous years,” Goyal said at a press conference.

Farmers will profit from the MSP hike at a time when retail inflation is on the decline, he noted.

Goyal stated that the MSP for the common grade variety of paddy had been hiked by 143 to 2,183 per quintal for the 2023-24 crop year, up from 2,040 the previous year. The support price for ‘A’ quality paddy has been raised by 163 per cent to $2,203 per quintal, up from $2,060.

The greatest increase in MSP was in moong, which increased by 10.4% to $8,558 per quintal for the 2023-23 crop year, up from $7,755 in the previous year.

Paddy is the primary kharif crop, and sowing usually begins with the arrival of the southwest monsoon. Despite the growing El Nino conditions, the India Meteorological Department (IMD) has predicted a normal monsoon for June-September.

Get all the latest news on Indian daily post.