Government Announces Higher MSP for Kharif Crops, to Boost Farmer's Income: Know Details

In a significant move aimed at ensuring fair remuneration for farmers and promoting crop diversification, the Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Shri Narendra Modi, has approved an increase in the Minimum Support Prices (MSP) for all mandated Kharif crops for the Marketing Season 2023-24.

The decision aligns with the Union Budget 2018-19 announcement, which emphasized setting the MSP at a minimum of 1.5 times the All-India weighted average Cost of Production, with the goal of providing reasonably fair compensation to farmers. The revised MSPs for Kharif crops are expected to offer the highest margins over the cost of production to farmers for crops such as bajra (82%), tur (58%), soybean (52%), and urad (51%). For other crops, the margin is estimated to be at least 50%.

Minimum Support Price for Kharif Marketing Season (in Rs):

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By increasing the MSPs, the government aims to encourage farmers to diversify their crop choices, moving beyond traditional cereals like rice and wheat. In recent years, the cultivation of pulses, oilseeds, and Nutri-cereals/Shree Anna has been actively promoted by offering higher MSPs for these crops.

To complement these efforts, the government has also introduced several schemes and initiatives, including the Rashtriya Krishi Vikas Yojana (RKVY) and the National Food Security Mission (NFSM). These programs incentivize farmers to explore new avenues in crop cultivation and enhance agricultural productivity.

According to the Third Advance Estimates for 2022-23, India's total foodgrain production is projected to reach a record 330.5 million tonnes, marking an increase of 14.9 million tonnes compared to the previous year. This notable growth represents the highest surge in foodgrain production over the past five years, reflecting the resilience and hard work of the country's farmers.

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The government's decision to boost the MSPs for Kharif crops for the Marketing Season 2023-24 is expected to provide farmers with better incomes and improve their livelihoods. It demonstrates the government's steadfast commitment to the welfare of farmers and its determination to transform India's agriculture sector.

The increased MSPs will not only address the financial concerns of farmers but also contribute to the overall growth and development of the agricultural economy. By incentivizing crop diversification and offering fair prices for various crops, the government is working towards a more sustainable and prosperous future for the farming community.

With these supportive measures, farmers can look forward to increased profitability and enhanced stability in their agricultural practices, while the nation as a whole benefits from a diversified and resilient agricultural sector.

source-PIB

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