New Delhi, 07th June 2023: The Indian government authorities today announced a hike in the minimum prices for various crops grown in summer, aiming to boost farmers’ income and crop diversity.
PM Modi’s Cabinet Committee on Economic Affairs authorised a minimum support price hike (MSP) hike for all mandatory kharif crops for the marketing season 2023-24.
The MSP is the price at which the government purchases crops from farmers regardless of market conditions. It serves as both a guarantee and an incentive for farmers to generate more food.
The MSP for paddy, India’s most frequently farmed crop, has been hiked by 143 per quintal (100 kg) to 2,183 for common variety and 2,203 for grade A variety, according to a statement from the Ministry of Agriculture and Farmers Welfare.
The MSP for other crops such as pulses, oilseeds, cotton and millets has also been increased by varying amounts, ranging from 4% to 12%, and is in line with the government’s policy of ensuring at least 50% profit margin for the farmers.
The government added that the MSP increase would encourage farmers to diversify their cropping patterns and adopt high-yielding technologies.
