MSP Revision: In a significant move aimed at bolstering the agricultural sector, the Union Cabinet on Wednesday announced a substantial revision in the Minimum Support Price (MSP) for key crops, including dal, oilseeds, paddy, cotton, millets, and maize. This revision marks a major increase compared to the MSP rates from a decade ago, providing much-needed relief to farmers across the country.
Union Minister Ashwini Vaishnaw stated that the revised MSP will ensure that farmers receive at least Rs 2 lakh crore, representing a Rs 35,000 crore increment over the previous MSP cycle. This move is expected to significantly boost the income of farmers and support the agricultural economy.
Here are the revised MSP rates for key crops:
- Paddy: Rs 2,300, an increase of Rs 117 from the previous MSP and up from Rs 1,310 in 2013-14.
- Cotton: Rs 7,121.
- Cotton 2: Rs 7,521, up Rs 501 from the previous MSP.
- Jowar: Rs 3,371.
- Ragi: Rs 2,490.
- Bajra: Rs 2,625.
- Maize: Rs 2,225.
- Moong: Rs 8,682.
- Tur: Rs 7,550, up Rs 500 from the last MSP.
- Urad: Rs 7,400, up Rs 450 from the last MSP.
- Sesame: Rs 9,267, up Rs 632 from the previous MSP.
- Groundnut: Rs 6,783.
- Nigerseed: Rs 8,717.
- Sunflower: Rs 7,280.
- Soybean: Rs 4,892.
The highest absolute increase in MSP over the previous year has been recommended for oilseeds and pulses, reflecting the government’s focus on promoting the cultivation of these crops to ensure food security and enhance farmers’ incomes.
This announcement comes as a major relief to the farming community, which has been grappling with various challenges, including fluctuating market prices and rising input costs. The revised MSP rates are expected to provide a stable and remunerative price environment for farmers, encouraging them to invest more in their crops and improve productivity.
The Cabinet’s decision underscores the government’s commitment to supporting the agricultural sector and ensuring the welfare of farmers, who form the backbone of the country’s economy. The revised MSP rates will be effective for the marketing season 2024-25, providing a positive outlook for the upcoming crop year.
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