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."
A farmer named Gurdip Singh from Chak Kalan village said, "I am very happy with this system with money coming directly. I sold my entire crop to government agencies as the MSP was also better this time."
The Cotton Corporation of India (CCI), which is governed by the Union Ministry of Textiles, has reportedly purchased 85% of kapas (raw cotton) marketed for the month of December in Punjab.