Union Cabinet approves increased MSP for Kharif crops

NEW DELHI: The Union Cabinet on Wednesday approved increased Minimum Support Price (MSP) for Kharif crops for marketing season 2023-24.
"This move is to ensure remunerative prices to growers for their produce and to encourage crop diversification," Union minister Piyush Goyal said while addressing a press conference.
"Overall kharif crops is estimated to be 330 million tonnes during this year compared to 285 million tonnes in 2018-19," he added.
Cabinet has also approved Rs 143 hike in paddy MSP to Rs 2,183/quintal for 2023-24; highest increase in moong MSP at Rs 8,558/quintal.
"In other pulses the MSP has been increased by 6-7%. In cotton crops, the increase in MSP is 8.9% to 10% linked the grades. There has been 25% increase in pulses production in past four years and oilseed by 30%," Goyal said.
The Centre said that the increase in MSP for Kharif crops for the marketing season is in line with the Union Budget 2018-19 announcement of fixing the MSP at a level of at least 1.5 times of the All-India weighted average Cost of Production, "aiming at reasonably fair remuneration for the farmers."
"The expected margin to farmers over their cost of production are estimated to be highest in case of bajra (82%) followed by tur (58%), soybean (52%) and urad (51%). For rest of the crops, margin to farmers over their cost of production is estimated to be at least 50%," the Centre said in a statement.