Bhubaneswar: The Union Cabinet on Tuesday approved the increase of Minimum Support Prices (MSPs) for all Rabi crops for the marketing season 2023-24 to ensure remunerative prices to the growers for their produce.
According to an official release, the Cabinet Committee on Economic Affairs (CCEA) Chaired by Prime Minister Narendra Modi has approved an increase in MSPs for all six mandated rabi crops for the 2022-23 crop year (July-June) and the 2023-24 marketing season.
The cost of production of wheat is estimated at Rs 1,065 per quintal, the release said.
The increase has been the absolute highest” for lentils (Masur) at Rs 500 per quintal, Union Minister Anurag Thakur said in a press conference.
The MSP for wheat was increased by Rs 110 from Rs 2,015 in 2022-23 to Rs 2,125 in 2023-24 per quintal, while the MSP for barley was increased by Rs 100 from Rs 1,635 per quintal to Rs 1,735 per quintal.
The MSP for gram was increased by Rs 105 from Rs 5,230 per quintal to Rs 5,335 per quintal, while safflower MSP has been increased by Rs 209 from Rs 5,441 to Rs 5,650. The MSP for rapeseed and mustard was increased by Rs 400 from Rs 5,050 to Rs 5,450 per quintal.
#Cabinet approves Minimum Support Prices for all Rabi Crops for Marketing Season 2023-24; absolute highest increase in MSP approved for lentil (Masur) at Rs.500/- per quintal#CabinetDecisions pic.twitter.com/on1BCSovi2
— Satyendra Prakash (@DG_PIB) October 18, 2022
MSP is the rate at which the government buys grain from farmers. Currently, the government fixes MSPs for 23 crops grown in both Kharif and rabi seasons. Sowing of rabi (winter) crops begins in October, immediately after the harvest of Kharif (summer) crops. Wheat and mustard are major rabi crops.
The increase in MSP for Rabi Crops is in line with the Union Budget 2018-19 announcement of fixing the MSP at a level of at lease 1.5 times of the All-India weighted average Cost of Production, aiming at reasonably fair remuneration for the farmers. The maximum rate of return is 104 per cent for rapeseed and mustard, followed by 100 percent for wheat, 85 per cent for lentil; 66 per cent for gram; 60 per cent for barley; and 50 per cent for safflower.
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