Cabinet raised MSP for Kharif Marketing Season 2022-23, which may lead increase in investment.
On June 8, the Minimum Support Price (MSP) was raised by the Cabinet in preparation for the Kharif Marketing Season 2022-23. The authorized prices adhere to the notion of maintaining the MSPs at a level that is at least 1.5 times higher than the all-India weighted average cost of production. This principle was taken into account when determining the prices to be approved.
The minimum support price (MSP) for sesamum (₹523/quintal), moong (₹480/quintal), and sunflower seed (₹ 385/quintal) has been suggested to rise the most in absolute terms over the previous year.
Farmers will benefit from the price increases since it will ensure that they receive prices that are remunerative to their labor.
The measure is also intended to provide a boost to the government’s initiative known as Atmanirbhar Bharat by lowering dependence on imports and improving levels of self-sufficiency.
Increasing the prices may also lead to an increase in investment and output, as was noted in the decisions made by the Cabinet.