Centre approves Minimum Support Prices for six crops; know new prices here
Following receipt of the recommendations of the MSP committee, the Ministry of Agriculture recommended an increase in the MSP for specific crops. It was then submitted to the Union Cabinet for approval.
FollowThe Union Cabinet approved an increase in the Minimum Support Prices (MSPs) for all Rabi crops for the marketing season 2023-24, on Tuesday. In a press conference, Union Minister Anurag Thakur said that the increase for lentils (Masur) was the 'absolutely highest' at Rs 500 per quintal.
The MSP for wheat has been raised by Rs 110 per quintal, from Rs 2,015 in 2022-23 to Rs 2,125 in 2023-24, while the MSP for barley has been raised by Rs 100, from Rs 1,635 to Rs 1,735 per quintal.
The minimum support price for gram has been raised by Rs 105 from Rs 5,230 per quintal to Rs 5,335 per quintal, while the MSP for safflower has been raised by Rs 209 from Rs 5,441 to Rs 5,650. The MSP for rapeseed and mustard has been increased by Rs 400 per quintal, from Rs 5,050 to Rs 5,450.
Masur dal's MSP hike, which went from Rs 5,500 to Rs 6,000, is the most to be authorised.
Following receipt of the MSP committee's recommendations, the Ministry of Agriculture recommended increasing the MSP of certain Rabi crops. It was then submitted for approval to the Union Cabinet.
MSP is the rate at which the Centre purchases grains and other agricultural products from farmers. The government currently sets MSPs for 23 crops farmed throughout the Kharif and Rabi seasons.
The increase is consistent with the Centre's decision to set MSP at a minimum of 1.5 times the all-India weighted average cost of production to ensure farmers receive fair compensation.
Rapeseed and mustard have the highest rate of return at 104 per cent, followed by wheat at 100 per cent, lentil at 85 per cent, gram at 66 per cent, 60 per cent barley and 50 per cent safflower.
