MSP Hike: The Union Cabinet has raised the Minimum Support Price of several kharif crops for the 2023-2024 marketing year. The highest growth in MSP has come for moong at 10.4 per cent at ₹8,558 per quintal. One quintal is 100 kilograms. Moong is a lentil and forms a key food item for many Indians.
Speaking to reporters, Union Minister for Commerce Piyush Goyal also said that the Cabinet has okayed the hike in the MSP of paddy by ₹143 to ₹2,183 per quintal for the 2023-24 crop year. This crop year starts from June this year and ends on July 31, 2024.
Paddy is processed to produce rice which is the staple food for many North and South Indians.
These decisions were made based on the recommendations of the Cabinet Committee of Economic Affairs. The Prime Minister heads this committee which includes the Union Agriculture Minister, the Union Commerce Minister, and the Minister of Finance.
Mr Goyal also informed the reporters that these decisions were made to encourage crop diversification.
Sowing seasons
There are two crop-sowing seasons in India – Kharif and Rabi. While the former overlaps with the onset of the southwest monsoon, the Rabi season coincides with winter and spring.
Farmers base their cropping decisions on the Minimum Support Price announced by the Union Government.
Must Read – Motorola Edge S: With 6.7 inch display and 5000 mAh battery, this affordable phone can offer value for money
Minimum Support Price
MSP or Market Support Price of any product is meant to safeguard the earnings of a farmer. This price acts as a buffer in case the market price falls because of a glut in supply.
In case, the market price of Crop A falls steeply, the Union Government steps in and buys the entire stock of that crop for public distribution. Every crop has a different MSP and varies from one cropping season to another.
Keep watching our YouTube Channel ‘DNP INDIA’. Also, please subscribe and follow us on FACEBOOK, INSTAGRAM, and TWITTER
