Increase in MSP of Rabi crops: Support price of wheat was raised to Rs 2,125 per quintal
Increase in MSP of Rabi crops: In the cabinet meeting, the support price of wheat was raised to Rs 2,125 per quintal, and the price of other crops also increased
Giving a big gift to the farmers ahead of Diwali, the Central Government has approved an increase in the Minimum Support Price (MSP) on Rabi crops. This decision has been taken in the cabinet meeting chaired by Prime Minister Narendra Modi today. The support price of wheat has been increased by Rs 110 per quintal to Rs 2,125 per quintal. Along with wheat, and pulses, the central government has increased the MSP of 6 other Rabi crops.
The Commission for Agricultural Costs and Prices (CACP) had recommended a hike of 3 to 9% in the MSP of all rabi crops, including wheat. The government has increased the MSP of wheat by Rs 110, barley by 100, gram by 105, lentils by 500, mustard by 400 and safflower by Rs 209.
The government has increased the minimum support price of lentils by Rs 500 per quintal for the crop year 2023-24. At the same time, the MSP of mustard and canola has been increased by Rs 400-400 per quintal.
MSP is the minimum support price that farmers get on their crops. Even if the price of that crop in the market is low. The logic behind this is that the fluctuations in the prices of crops in the market should not affect the farmers. They keep getting the lowest price.
The government fixes the MSP before every crop season on the recommendation of CACP i.e. Commission for Agriculture Cost and Prices. If a crop has a bumper yield, then its market prices are low, then the MSP acts as a fixed assured price for them. In a way, it acts like an insurance policy to protect the farmers in case of a fall in prices.
