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Government hikes support price for kharif crops by 4-9 per cent


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Chennai:

NEW DELHI: In an attempt to fulfill the commitment made to the farmers, the Central government on Wednesday increased the Minimum Support Prices for kharif (summer) crops for this year by 4-9 per cent, with the MSP for paddy being raised by Rs 100.

Announcing about the decision taken at the Cabinet Committee on Economic Affairs meeting, I&B Minister Anurag Thakur said MSP of 14 kharif crops and their varieties have been increased.

The MSP of common grade variety of paddy has been increased to Rs 2,040 per quintal for 2022-23 from Rs 940 in the previous year. The support price of ‘A’ grade variety of paddy has been hiked to Rs 2,060 per quintal from Rs 1,960.

The minister said that the approved rates are in line with the principle of fixing the MSPs at a level of at least 1.5 times of the all India weighted average cost of production. The return over MSP for bajra, tur, urad sunflower seed, soybean and groundnut is more than 50% over the all-India weighted average cost of production at 85%, 60%, 59%, 56%, 53% and 51%, respectively.