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Cabinet approves Minimum Support Prices for Kharif Crops

By TIOL News Service

NEW DELHI, JUNE 07, 2023: THE Cabinet Committee on Economic Affairs (CCEA) has approved the increase in the Minimum Support Prices (MSP) for all mandated Kharif Crops for Marketing Season 2023-24. 

Government has increased the MSP of Kharif Crops for Marketing Season 2023-24, to ensure remunerative prices to the growers for their produce and to encourage crop diversification, as provided in the table below:

Minimum Support Prices for Kharif Marketing Season (KMS) 2023-24

(Rs. per quintal)

Crops

MSP 2014-15

MSP 2022-23

MSP 2023-24

 Cost* KMS 2023-24

Increase in MSP over 2022-23

Margin over cost in per cent

Paddy -Common

1360

2040

2183

1455

143

50

Paddy-Grade A^

1400

2060

2203

-

143

-

Jowar-Hybrid

1530

2970

3180

2120

210

50

Jowar- Maldandi^

1550

2990

3225

-

235

-

Bajra

1250

2350

2500

1371

150

82

Ragi

1550

3578

3846

2564

268

50

Maize

1310

1962

2090

1394

128

50

Tur /Arhar

4350

6600

7000

4444

400

58

Moong

4600

7755

8558

5705

803

50

Urad

4350

6600

6950

4592

350

51

Groundnut

4000

5850

6377

4251

527

50

Sunflower Seed

3750

6400

6760

4505

360

50

Soybean (Yellow)

2560

4300

4600

3029

300

52

Sesamum

4600

7830

8635

5755

805

50

Nigerseed

3600

7287

7734

5156

447

50

Cotton (Medium Staple)

3750

6080

6620

4411

540

50

Cotton (Long Staple) ^

4050

6380

7020

-

640

-

*Refers to cost which includes all paid out costs such as those incurred on account of hired human labour, bullock labour/machine labour, rent paid for leased in land, expenses incurred on use of material inputs like seeds, fertilizers, manures, irrigation charges, depreciation on implements and farm buildings, interest on working capital, diesel/electricity for operation of pump sets etc., miscellaneous expenses and imputed value of family labour.

^ Cost data are not separately compiled for Paddy (Grade A), Jowar (Maldandi) and Cotton (Long staple)

The increase in MSP for Kharif Crops for Marketing Season 2023-24 is in line with the Union Budget 2018-19 announcement of fixing the MSP at a level of at least 1.5 times of 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 are estimated to be highest in case of bajra (82%) followed by tur (58%), soybean (52%) and urad (51%). For rest of the crops, margin to farmers over their cost of production is estimated to be at least 50%.

In the recent years, Government has been promoting the cultivation of crops, other than cereals such as pulses, oilseeds, and Nutri-cereals/ Shree Anna, by offering a higher MSP for these crops.  Additionally, government has also launched various schemes and initiatives, such as the Rashtriya Krishi Vikas Yojana (RKVY), the National Food Security Mission (NFSM), to encourage farmers to diversify their crops.

As per Third Advance Estimates for 2022-23, total Foodgrain production in the country is estimated at record 330.5 million tonnes which is higher by14.9 million tonnes as compared to the previous year 2021-22. This is the highest increase in the last 5 year. 


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