Under the direction of Prime Minister Narendra Modi, the Union Cabinet approved the Minimum Support Price (MSP) for 14 Kharif crops on Wednesday. The MSP is 1.5 times more than the cost of production.
Minister Ashwini Vaishnaw of Union Information and Broadcasting announced the decisions, saying, “The government had taken a very clear policy decision that the MSP has to be at least 1.5 times the cost of the production in the 2018 Budget.” This time, the decision was made with this principle in mind. This time, each crop will have at least 50% more MSP than it did previously.”
The decision made today will result in an MSP of almost Rs 2 lakh crore for the farmers. This is an increase of Rs 35,000 crore over the previous season,” he continued.
The Agriculture Ministry released a statement stating that the highest suggested MSP rise for oilseeds and pulses is Rs 983 per quintal for nigerseed, Rs 632 per quintal for sesamum, and Rs 550 per quintal for Arhar dal.
The Minimum Support Price (MSP) for Nigerseed has been raised to Rs 8,717 from Rs 5,811, for Sesamum to Rs 9,267 from Rs 6,178, and for Arhar dal to Rs 7,550 from Rs 4,761.
In a similar vein, the MSP for Jowar has increased from Rs 2,247 to Rs 3,371, while the MSP for Paddy has increased from Rs 1,533 to Rs 2,300.
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