The Union Cabinet has increased the minimum support price (MSP) for Kharif crops for marketing season 2023-24.
The cabinet approved Rs 143 hike in paddy MSP to Rs 2,183 per quintal for 2023-24 and the highest increase in moong MSP at Rs 8,558 per quintal.
Union Minister Piyush Goyal addressed the press after the meeting. He said that the Union Cabinet has approved increased MSP for Kharif crops for marketing season 2023-24 and the move is to ensure remunerative prices to growers for their produce and to encourage crop diversification.
MSP for soybean currently stands at Rs 4,600 per quintal, sesamum at Rs 8,635 per quintal, niger seed at Rs 7,734 per quintal, and cotton stands at Rs 6,620 per quintal. The MSP for cotton (long staple) currently stands at Rs 7,020 per quintal.
Karif crops are sown between June and July, and harvesting is done during September-October. MSP covers various cereals, pulses and oilseeds, apart from raw cotton, jute, copra and de-husked coconut, among others.
Last week, the Cabinet approved a Rs 1 lakh crore programme to create the world’s largest grain storage capacity in the cooperative sector to reduce crop damages and prevent distress sales by farmers, besides strengthening the country’s food security. The government is planning to create 700 lakh tonne of grain storage capacity in the cooperative sector over the next five years and said the move will also help in creating job opportunities in rural India.
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