NEW DELHI, Jun 8 (NNN-PTI) – The Indian government, yesterday, announced a hike in the Minimum Support Prices (MSP) for all mandated “Kharif” crops, which are sown in Jun and harvested in Oct, for the 2023-24 marketing season.
MSPs are the guaranteed prices fixed by the federal government, for procuring farmers’ crops. It is an initiative of the Indian government, to protect the farmers against any steep fall in the prices of their agricultural products.
The Cabinet Committee on Economic Affairs approved the increase in MSPs at a meeting chaired by Prime Minister, Narendra Modi.
The increase in MSP of Kharif crops would ensure remunerative prices to the farmers for their produce, and encourage crop diversification. It aligns with the federal Budget for the 2018-19 financial year announcement, of fixing the MSP at a level of at least 1.5 times the All-India weighted average Cost of Production, aiming at reasonably fair remuneration for the farmers.
“The expected margin to farmers over their cost of production is estimated to be highest in the case of Pearl Millet (82 percent) followed by Pigeon Peas (58 percent), Soybean (52 percent) and Black Gram (51 percent). For the rest of the crops, the margin to farmers over their cost of production is estimated to be at least 50 percent,” the Ministry of Agriculture and Farmers Welfare said, in a statement.
In recent years, the Indian government has been promoting the cultivation of crops, other than pulses, oilseeds and nutri-cereals, by offering a higher MSP for these crops. The government has also launched various schemes and initiatives, such as the National Agriculture Development Scheme and the National Food Security Mission, to encourage farmers to diversify their crops to maximise their farm yields.
As per the third advance estimate for the 2022-23 financial year, total food-grain production in the country is estimated at a record 330.5 million tonnes, which is 14.9 million tonnes higher than the previous financial year.
“This is the highest increase in the last five years,” the agriculture ministry’s statement said.– NNN-PTI
