Indian government approves Minimum Support Price on 14 Kharif season crops
Narendra Modi
Prime Minister Narendra Modi-led government on Wednesday (Jun 19) approved the Minimum Support Prices (MSP) for Kharif crops for the 2024-25 marketing season. The decision wasbased on recommendations from the Commission for Agricultural Costs and Prices (CACP).
The announcement was for 14 crops including paddy, ragi, bajra, jowar, maize and cotton which will have a financial implication of ₹2 lakh crore (approx $23.97 billion) for the government and entail a gain of Rs 35,000 crore ($4.19 billion) to farmers over the previous year.
Information and Broadcasting Minister Ashwini Vaishnaw addressed the media after a meeting of the union cabinet, giving details about the decision. He said that the third term of PM Modi is very important as it focuses on continuity with change through many decisions for farmers' welfare.
Vaishnaw told reporters that the MSP for 'common' grade paddy has been raised ₹117 ($1.40) to ₹2,300 ($27.57) per quintal, while for the 'A' grade variety it has been hiked to ₹2,320 ($27.81) per quintal for the upcoming Kharif season. The highest absolute increase in MSP over the previous year has been recommended for oilseeds and pulses.
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According to the minister, the government had a clear policy decision in the 2018 Union Budget that MSP should be at least 1.5 times the cost of production. This principle was followed in the latest MSP hike. He added that the cost was scientifically calculated by CACP.
This comes a day after an event in Varanasi on Tuesday when PM Modi released the 17th instalment amounting to more than Rs 20,000 crores ($2.39 billion) to around $92.6mn beneficiary farmers under the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) through Direct Benefit Transfer.
(With inputs from agencies)