The Union Cabinet has approved an increase in the Minimum Support Prices for 14 crops for the upcoming Kharif season. The decision, announced by Union Minister of Information and Broadcasting Ashwini Vaishnaw, mandates that MSP for these crops must be at least 1.5 times the cost of production.
The new MSP for Paddy is Rs 2,300 per quintal, an increase of Rs 117 from the previous rate. The MSP for Jowar is set at Rs 3,317 per quintal, Ragi at Rs 4,290 per quintal, and Maize at Rs 2,225 per quintal.
For pulses, the MSP for Moong Dal is Rs 8,682 per quintal, Tur Dal is Rs 7,550 per quintal, and Urad Dal is Rs 7,400 per quintal. The MSP for Groundnut is Rs 6,783 per quintal.
The government said that the increase in MSP for Kharif crops for the 2024-25 marketing season aims to ensure remunerative prices for growers.
This measure aligns with the Union Budget 2018-19 announcement of fixing the MSP at a level of at least 1.5 times the all-India weighted average cost of production.
The expected margin over the cost of production is highest for Bajra (77%), followed by Tur (59%), Maize (54%), and Urad (52%). For other crops, the margin is estimated to be around 50%, according to the Cabinet.
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