Farming MSP

Cabinet to raise MSP for all rabi crops such as wheat, legumes & mustard

Cabinet to raise MSP for all rabi crops such as wheat, legumes & mustard

Cabinet to raise MSP for all rabi crops such as wheat, legumes & mustard

The Cabinet has agreed to raise the minimum support price (MSP) for all mandatory Rabi commodities such as wheat, legumes, and mustard for the marketing season 2023–24.

The wheat MSP has been boosted by ₹110 cents to ₹2,125 per quintal to assist in boosting the output of the essential food grain and farmer income. Lentils (Masur) have increased the most, by ₹500 to ₹6,000 per quintal.

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‘MSP has increased quite well. The national government should be able to acquire enough wheat at this price, and farmers should also benefit’ Ajay Goyal, a flour miller, and exporter from Maharashtra, stated

According to trade and industry, next year will be more difficult for the government to manage the demand, supply, and price situation of wheat since carry forward stock will be low due to a decrease in procurement this year. Wheat prices and distribution under social systems will also be critical in an election year.

To meet these aims, the government must significantly expand wheat procurement. The government’s purchase of wheat has been reduced by roughly 56% to around 18.8 million tonnes in the current marketing year 2022-23.

Rapeseed and mustard MSPs have been hiked by ₹400 to ₹5,450 per quintal. Safflower prices have risen by₹ 209 percent to ₹5,650 a quintal.

According to an official statement issued on Tuesday, ‘the maximum rate of return (under the new MSP) is 104% for rapeseed and mustard, followed by 100% for wheat, 85% for lentil, 66% for gramme, 60% for barley, and 50% for safflower.’

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The minimum support price (MSP) is the price at which the government purchases agricultural products from farmers. The government currently sets MSPs for 23 crops cultivated during the Kharif and Rabi seasons. Earlier this year, it hiked the MSP for all Kharif crops. Rabi (winter) crop planting occurs in October, directly following the harvest of Kharif (summer) crops. Wheat and mustard are the most important rabi crops.

The government’s priority is to increase the production of oilseeds and pulses in order to meet the Aatmanirbhar Bharat goal. It is aiming to enhance crop area and productivity through high-yielding cultivars, and it is giving MSP support to farmers to assure fair returns.

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