Centre Increases MSP for 14 Kharif Crops

New Delhi: The Modi government on Wednesday approved the new minimum support price (MSP) for 14 Kharif crops, as announced by Union Minister Ashwini Vaishnaw. “Significant decisions were made today, particularly for the welfare of farmers,” Vaishnaw stated during a briefing.

For the upcoming Kharif season, the MSP for paddy has been raised to ₹2,300, reflecting a ₹117 increase from the previous rate. “The third term of PM Modi is pivotal, emphasizing continuity with transformative changes aimed at farmers’ welfare,” added Vaishnaw.

This decision is projected to provide farmers with approximately ₹2 lakh crore, an increase of ₹35,000 crores from the last season. The policy aligns with the 2018 Union Budget mandate that MSP must be at least 1.5 times the cost of production, a standard upheld through scientific calculations by the Commission for Agricultural Costs and Prices (CACP).

Currently, the Food Corporation of India holds a record stockpile of around 53.4 million tonnes of rice, quadruple the required buffer for July 1, ensuring sufficient supply for welfare schemes for a year without new procurement.

You might also like

Comments are closed.