Government Raises MSP for Kharif Crops to Boost Farmer Income

The government has increased the Minimum Support Price (MSP) for various kharif crops. This includes a Rs 72 hike for paddy, with significant increases for pulses, oilseeds, and cotton. Aiming to reduce import dependency, the new rates ensure farmers' incomes exceed production costs by at least 50%.

In a move to support farmers and promote crop diversification, the Indian government has announced a significant hike in the Minimum Support Price (MSP) for various kharif crops. Key changes include a Rs 72 increase in MSP for paddy, rising to Rs 2,441 per quintal, and substantial boosts for oilseeds and pulses.

The Cabinet Committee on Economic Affairs, led by Prime Minister Narendra Modi, finalized these rates. The MSP for common and A-grade paddy were set at Rs 2,441 and Rs 2,461 per quintal, respectively. Noteworthy hikes also include cotton at Rs 8,267 per quintal and sunflower seeds with the largest increase, now priced at Rs 8,343 per quintal.

Information and Broadcasting Minister Ashwini Vaishnaw stated that the MSP hikes ensure remunerative prices for farmers, exceeding production costs by at least 50%. The total payout to farmers is estimated at Rs 2.60 lakh crore, with annual procurement expected to reach 824.41 lakh tonnes.