On Wednesday, June 7, the Modi government approved the increased Minimum Support Price (MSP) for the Kharif crops during the 2023-24 marketing season.
The cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi, has authorised a Rs 143 increase in paddy MSP to Rs 2,183 per quintal for 2023-24, with Moong MSP recording the highest increase at Rs 8,558 per quintal.
The support price of ‘A’ quality paddy has been raised by Rs 163 to Rs 2,203 per quintal, up from Rs 2,060. The support price for Jowar-Hybrid and Jowar-Maldandi has been hiked to Rs 3180 and Rs 3225, respectively. Meanwhile, the support price for Bajra, Ragi, Maize, and Toor/Arhar has been increased in this marketing season to Rs 2500, Rs 3846, Rs 2090, and Rs 7000, respectively.
Soybean MSP which earlier was at Rs 4300 now stands at Rs 4,600 per quintal, sesamum MSP is Rs 8,635 per quintal with an Rs 805 increase from last year’s MSP, niger seed MSP is Rs 7,734 per quintal (Rs 7,287 last year), and cotton (medium staple MSP is Rs 6,620 per quintal witnessing an increase of Rs 540. Cotton’s MSP (long staple) has been raised from Rs 6380 to Rs 7,020 per quintal.
Moreover, the MSP for Urad has been increased by Rs 350 to Rs 6950, last year it was Rs 6600. Groundnut MSP has been hiked to Rs 6377 and Sunflower seed to Rs 6760.
According to an official press release, the hike in MSP for Kharif Crops for Marketing Season 2023-24 is consistent with the Union Budget 2018-19 announcement of “setting the MSP at least 1.5 times the All-India weighted average Cost of Production, with the goal of providing farmers with relatively fair remuneration.”
The predicted margin to farmers over their cost of production for bajra is estimated to be 82%, followed by tur (58%), soybean (52%), and urad (51%). The margin to farmers over their cost of production for the remaining crops is projected to be at least 50%.
The press release further stated that the government has encouraged the cultivation of crops other than cereals, including pulses, oilseeds, and Nutri-cereals/Shree Anna, by increasing the MSP for these crops. Furthermore, the government has “developed several schemes and initiatives to encourage farmers to diversify their crops, such as the Rashtriya Krishi Vikas Yojana (RKVY) and the National Food Security Mission (NFSM).”
किसानों की समृद्धि में भागीदार मोदी सरकार !
— Narendra Singh Tomar (@nstomar) June 7, 2023
प्रधानमंत्री श्री @narendramodi जी की अध्यक्षता में आज केंद्रीय मंत्रिमंडल ने लिया किसानों के हित में अहम निर्णय…
खरीफ विपणन सत्र 2023-24 के लिए न्यूनतम समर्थन मूल्य में अभूतपूर्व वृद्धि…#CabinetDecisions pic.twitter.com/tUeXKKRQiP
Calling the Modi government “a partner in the prosperity of the farmers” Union Minister of Agriculture and Farmers’ Welfare, Narendra Singh Tomar tweeted, “Today, under the chairmanship of the Prime Minister Shri @narendramodi ji, the Union Cabinet took an important decision in the interest of the farmers… Unprecedented increase in Minimum Support Price for Kharif Marketing Season 2023-24.”
