Cabinet approves hike in MSP for Rabi crops

Insight Online News

New Delhi, Oct 18 : The government on Tuesday approved an increase in the minimum support prices (MSP) for all mandated Rabi crops for marketing season 2023-24 ensuring remunerative prices to the growers for their produce.

Accordingly, the MSP for wheat has been increased by Rs 110 to Rs 2,125 a quintal.

As per a media release, the cost of wheat production is estimated at Rs 1,065 per quintal thus the new MSP provides 100% return over cost.

The absolute highest increase in MSP has been approved for lentil (Masur) at Rs 500 per quintal followed by rapeseed and mustard at Rs 400 per quintal. For safflower, an increase of Rs 209 per quintal has been approved.

“For wheat, gram and barley an increase of Rs 110 per quintal, Rs100 per quintal respectively has been approved,” the media statement said.

The official statement following the Cabinet meeting said that the increase in MSP for Rabi crops for marketing season 2023-24 is in line with the Union Budget 2018-19 announcement of fixing the MSP at a level of at least 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 percent for rapeseed & 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,” it said.

UNIINDIA

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