Cabinet nod to increase in MSP for 14 kharif crops\, package for MSME sector approved



Cabinet nod to increase in MSP for 14 kharif crops, package for MSME sector approved

The increased MSP will ensure a price which will be 50% to 83% more than the cost of production, the government said.


Prime Minister Narendra Modi chairs a Cabinet meeting on Monday

The Union Cabinet has approved an increase in minimum support prices (MSP) of 14 kharif crops by 50- 83%, Union Agriculture Minister Narendra Tomar announced on Monday. 

The increased MSP will ensure a price which will be 50% to 83% more than the cost of production.

"Cabinet Committee on Economic Affairs CCEA chaired by PM @narendramodi approves the increase in the Minimum Support Prices (MSPs) for all mandated Kharif crops for marketing season 2020-21," a government spokesperson said in a tweet. 

The Cabinet headed by Prime Minister Narendra Modi has also approved modalities and road map for implementing two packages for MSMEs. 

Rs 20,000 crore package for distressed MSMEs and Rs 50,000 crore equity infusion will be done through Fund of Funds. 

Announcing the measure, Union Minister Nitin Gadkari said this will pave the way for energising the MSME sector through 'Atmanirbhar Bharat Package'.