Modi authorities proclaims hike in MSP for Kharif crops for the 2023-24 season

On Wednesday, June 7, the Modi authorities authorised the elevated Minimum Support Price (MSP) for the Kharif crops in the course of the 2023-24 advertising season. 

The cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi, has authorised a Rs 143 improve in paddy MSP to Rs 2,183 per quintal for 2023-24, with Moong MSP recording the very best improve at Rs 8,558 per quintal.

The help worth of ‘A’ high quality paddy has been raised by Rs 163 to Rs 2,203 per quintal, up from Rs 2,060. The help worth for Jowar-Hybrid and Jowar-Maldandi has been hiked to Rs 3180 and Rs 3225, respectively. Meanwhile, the help worth for Bajra, Ragi, Maize, and Toor/Arhar has been elevated on this advertising season to Rs 2500, Rs 3846, Rs 2090, and Rs 7000, respectively.

Soybean MSP which earlier was at Rs 4300 now stands at Rs 4,600 per quintal, sesamum MSP is Rs 8,635 per quintal with an Rs 805 improve from final 12 months’s MSP, niger seed MSP is Rs 7,734 per quintal (Rs 7,287 final 12 months), and cotton (medium staple MSP is Rs 6,620 per quintal witnessing a rise of Rs 540. Cotton’s MSP (lengthy staple) has been raised from Rs 6380 to Rs 7,020 per quintal.

MSP for Kharif advertising season 2023-24 (Image by way of PIB)

Moreover, the MSP for Urad has been elevated by Rs 350 to Rs 6950, final 12 months it was Rs 6600. Groundnut MSP has been hiked to Rs 6377 and Sunflower seed to Rs 6760.

According to an official press launch, the hike in MSP for Kharif Crops for Marketing Season 2023-24 is in line with the Union Budget 2018-19 announcement of “setting the MSP at least 1.5 times the All-India weighted average Cost of Production, with the goal of providing farmers with relatively fair remuneration.”

The predicted margin to farmers over their price of manufacturing for bajra is estimated to be 82%, adopted by tur (58%), soybean (52%), and urad (51%). The margin to farmers over their price of manufacturing for the remaining crops is projected to be at the least 50%.

The press launch additional acknowledged that the federal government has inspired the cultivation of crops aside from cereals, together with pulses, oilseeds, and Nutri-cereals/Shree Anna, by growing the MSP for these crops.  Furthermore, the federal government has “developed several schemes and initiatives to encourage farmers to diversify their crops, such as the Rashtriya Krishi Vikas Yojana (RKVY) and the National Food Security Mission (NFSM).”

किसानों की समृद्धि में भागीदार मोदी सरकार !

प्रधानमंत्री श्री @narendramodi जी की अध्यक्षता में आज केंद्रीय मंत्रिमंडल ने लिया किसानों के हित में अहम निर्णय…

खरीफ विपणन सत्र 2023-24 के लिए न्यूनतम समर्थन मूल्य में अभूतपूर्व वृद्धि…#CabinetSelections pic.twitter.com/tUeXKKRQiP

— Narendra Singh Tomar (@nstomar) June 7, 2023

Calling the Modi authorities “a partner in the prosperity of the farmers” Union Minister of Agriculture and Farmers’ Welfare, Narendra Singh Tomar tweeted, “Today, under the chairmanship of the Prime Minister Shri  @narendramodi ji, the Union Cabinet took an important decision in the interest of the farmers… Unprecedented increase in Minimum Support Price for Kharif Marketing Season 2023-24.”