New Delhi: The Union Cabinet on Wednesday revised the minimum support price for key crops such as dal, oilseeds, paddy, cotton, millets and maize, in a big relief for farmers. The rates mark a major jump over the past decade, ie, in comparison to 2013-14, said Union minister Ashwini Vaishnaw. Farmers will receive at least Rs 2 lakh crore owing to MSP, marking a Rs 35,000 crore increment over the previous MSP cycle.
Paddy: Rs 2,300 up Rs 117 from the previous MSP and 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 last MSP
Urad: Rs 7,400 up Rs 450 from last MSP
Sesame: Rs 9,267 up Rs 632
Groundnut: Rs 6,783
Nigerseed: Rs 8,717
Sunflower: Rs 7,280
Soybean: Rs 4,892
#Cabinet approves Minimum Support Prices (MSP) for Kharif Crops for Marketing Season 2024-25
The highest absolute increase in MSP over the previous year has been recommended for oilseeds and pulses#CabinetDecisions pic.twitter.com/zhqhXyNzut
— Sheyphali B. Sharan (@DG_PIB) June 19, 2024
What is MSP?
MSP is the floor price for a crop that is fixed by the Centre at the start of every cutlivation year. This ensures financial security for farmers providing them assured returns. This also adds up as a production incentive and is likely to help India at a time when the country is struggling with elevated dal prices and low dal stocks. higher production can help India to save on its import bill for dal.
How many crops are covered by MSP?
MSP covers 22 crops, in including 14 kharif crops, 6 rabi crops and 2 cash crops. Here’s the list:
S. No.
Crops
1
Paddy
2
Jowar
3
Bajra
4
Maize
5
Ragi
6
Tur (Arhar)
7
Moong
8
Urad
9
Groundnut
10
Soybean (yellow)
11
Sunflower seed
12
Sesamum
13
Nigerseed
14
Cotton
15
Wheat
16
Barley
17
Gram
18
Masur (lentil)
19
Rapeseed
20
Mustard
21
Safflower
22
Jute
23
Copra
Cabinet green signal to airport expansion, port development
The Cabinet also approved the expansion of Lal Bahadur Shastri International Airport in Varanasi with a budget of Rs 2,870 crore. Vadhavan port in Maharashtra will also be developed as an all-weather greenfield deep draft port, said Vaishnaw.
MSP revision: The Centre on Wednesday announced major upward revisions to the prices of major crops ranging from dal, to paddy, cotton, oilseeds and millets. Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
