Cabinet approves increase in MSP for various Kharif crops

9 Jun 2022 , 12:33 PM

The Cabinet Committee on Economic Affairs (CCEA) chaired by the Prime Minister Narendra Modi, on Wednesday (8 June) approved the increase in the Minimum Support Prices (MSP) for all mandated Kharif Crops for Marketing Season 2022-23. The highest absolute increase in MSP over previous year has been recommended for Sesamum Rs 523 per quintal, Moong Rs 480 per quintal, Sunflower seed Rs 385 per quintal, Tur, Urad and Groundnut Rs 300 per quintal, Cotton (Medium Staple) Rs 354 and Cotton (Long Staple) Rs 355. The government said that the hike will ensure remunerative prices to the growers for their produce and to encourage crop diversification. The increase in MSP for Kharif Crops for Marketing Season 2022-23 is in line with the Union Budget 2018-19 announcement of fixing the MSP at a level of at least 50 percent over the All-India weighted average Cost of Production, aiming at reasonably fair remuneration for the farmers, CCEA said in a statement yesterday. It is notable that, 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, it added. Concerted efforts have been made over the last few years to realign the MSP in favour of oilseeds, pulses and coarse cereals to encourage farmers to shift larger area under these crops and adopt best technologies and farm practices, to correct demand – supply imbalance. As per 3rd Advance Estimates for 2021-22, production of Foodgrains in the country is estimated at record 314.51 million tonnes which is higher by 3.77 million tonnes than the production of foodgrain during 2020-21. The production during 2021-22 is higher by 23.80 million tonnes than the previous five years (2016-17 to 2020-21) average production of foodgrains. Powered by Capital Market – Live News