The government on Tuesday raised minimum support prices for six crops to boost farmers’ production and incomes.
The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi, decided at a meeting to raise the MSP (Minimum Support Price).
MSP is the price the government pays farmers for food. The government currently has MSPs for 23 crops grown during the Rabi and Kharif seasons.
Rabi (winter) crops are sown in October, shortly after the Kharif (summer) crops are harvested. The two main rabies crops are wheat and mustard.
CCEA has approved MSP additions to six rabies crops for the 2022-23 (July-June) and 2023-24 marketing seasons.
From Rs 2,015 per quintal for the 2021-2022 crop year, the MSP for wheat has increased by Rs 110 to Rs 2,125 per quintal this year and mustard’s MSP has increased by Rs 400 to Rs 5,450 per quintal in the current crop year.
According to the announcement, the cost of wheat production is expected to be Rs 1,065 per quintal.