MSP for fourteen different crops was hiked by Cabinet for Kharif Season 2022-23

MSP for fourteen different crops was hiked by Cabinet for Kharif Season 2022-23.

The minimum support price (MSP) for fourteen different crops was hiked on Wednesday by the Cabinet in preparation for the Kharif Marketing Season of 2022-2023.

It was recommended that the minimum support price for sesamum (₹ 523/quintal), moong (₹ 480/quintal), and sunflower seeds (₹ 385/quintal) should all increase by the highest absolute amount over the course of the previous year.

Also Read | Cabinet raised MSP for Kharif Marketing Season 2022-23, may lead increase in investment.

The minimum support price (MSP) per quintal for paddy has been raised by ₹ 100, bringing it to ₹ 2,040. The sowing process for paddy, a major crop for the Kharif season, has already begun.

Anurag Thakur, the minister of information and broadcasting, stated that ‘Approved rates are in line with the principle of fixing the MSPs at a level of at least 1.5 times,’ indicating that the approved rates adhere to the principle.

In the case of bajra, tur, urad sunflower seed, soybeans, and groundnuts, the return over MSP is greater than fifty percent above the all-India weighted average cost of production. 85 percent of bajra, 60 percent of tur, 59 percent of urad, 56 percent of sunflower seed, 53 percent of soybeans, and 51 percent of groundnuts meet this requirement.

According to a statement released by the government, a concerted effort has been made over the past few years to realign the MSP in favor of oilseeds, pulses, and coarse cereals. This has been done in an effort to encourage farmers to bring larger areas under these crops and adopt the best technologies and farm practices to correct the demand-supply imbalance.

Also Read | Centre failed to account for rising inflation while increasing MSP for Kharif crops: Farmers.

It is anticipated that the nation will have produced a record 314.51 million tonnes of food grains in 2021-22, which is an increase of 3.77 million tonnes from the previous year’s total and an increase of 23.80 million tonnes in comparison to the average for the preceding five years (2016-17 to 2020-21).