Cabinet approves hike in MSP for kharif crops
Premium- The Cabinet Committee on Economic Affairs, chaired by PM Modi, has approved an increase in MSP for all mandated Kharif crops for the 2022-23 crop year
The Union Cabinet on Wednesday approved a hike in Minimum Support Price (MSP) for various Kharif (summer) crops for the year 2022-23, announced Union Minister Anurag Thakur. The MSP of Kharif crops for the 2022-23 crop year will now increase.
The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi, has approved an increase in MSP for all mandated Kharif crops for the 2022-23 crop year.
Speaking to reporters, Thakur said, "In today's cabinet meeting, MSP of 14 kharif crops was approved."
The MSP of common grade variety of paddy has been increased to ₹2,040 per quintal for the 2022-23 crop year from ₹1,940 in the previous year.
The support price of 'A' grade variety of paddy has been hiked to ₹2,060 per quintal from ₹1,960.
Paddy is the main kharif crop, the sowing of which has already begun. The meteorological department has forecast that the 2022 Southwest monsoon will be normal at 99% of long-term average.
Normal to good monsoons in the last three years have aided kharif food grain production, up 2.8% on an average and this may result in kharif production going up by 2.5%, atop a 1.5% increase in rabi output.
The Information and Broadcasting Minister also highlighted several programmes launched during the last eight years by the Narendra Modi-led BJP government to boost farmers' income and ensure comprehensive growth of the farm sector.
While kharif farm income is expected to show robust growth for a second successive year, kharif farm costs are expected to rise further as global fertiliser and feed prices soar, a foreign brokerage report said earlier.
Last month, the government stressed that availability of fertilisers during the current Kharif season is more than the estimated demand, adding that its subsidy for this fiscal might increase to around ₹2.5 lakh crore to ensure that farmers get crop nutrients at highly subsidised rates.
The Centre added that it will take strict action against hoarding of crop nutrients and asked states to monitor fertiliser movement. It also told states to provide accurate information to farmers for ensuring there is no panic buying.