Govt Hikes MSP of Kharif Crops; MSP of Paddy Raised by Rs 142/Quintal

The Cabinet Committee on Economic Affairs, headed by Prime Minister Narendra Modi, on Wednesday, decided to enhance minimum support prices (MSP) for all mandated kharif crops for the marketing season 2023-24.

The MSP is the price at which the government buys agricultural produce from farmers. According to the Ministry of Agriculture and Farmers Welfare statement, the MSP for paddy, is increased by Rs 143 per quintal to Rs 2,183 for common variety and Rs 2,203 for grade A variety.

The MSP of pulses, oilseeds, cotton and millets is increased by varying amounts, ranging from 4% to 12%. The statement said that the MSP hike adheres to the government policy of ensuring at least a 50 per cent profit margin for farmers over their cost of production.

The highest margin over their cost of production in the case of bajra (82%), followed by tur (58%), soybean (52%) and urad (51%). For other crops, the margin is estimated to be at least 50%.

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