The Union Cabinet on Friday approved the Minimum Support Prices (MSPs) for copra for 2020 season.
"The MSP for Fair Average Quality (FAQ) of milling copra has been increased to Rs. 9,960/- per quintal for 2020 season from Rs. 9,521/- per quintal in 2019 and the MSP for ball copra has been increased to Rs. 10,300/- per quintal for 2020 season from Rs. 9,920/- per quintal in 2019. This will accrue a benefit of Rs 439/- per quintal in the milling copra and Rs 380/- increase in the Ball Copra," an official statement read.
This is to ensure a return of 50 percent for milling copra and 55 percent for ball copra over the all India weighted average cost of production.
The approval is based on recommendations of the Commission for Agricultural Costs and Prices (CACP).
"The increase in MSP for copra for 2020 season is in line with the principle of fixing the MSP at a level of at least 1.5 times the all India weighted average cost of production which was announced by the Government in the Budget 2018-19," the statement read.
The National Agricultural Cooperative Marketing Federation of India Limited (NAFED) and National Cooperative Consumer Federation of India Limited (NCCF) will continue to act as Central Nodal Agencies to undertake price support operations at the MSP in the coconut growing states.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)