In a significant move aimed at bolstering farmer incomes, the Union Cabinet has approved the Minimum Support Prices (MSP) for 14 Kharif season crops for the marketing season 2024-25. This decision, announced by Information & Broadcasting Minister Ashwini Vaishnaw, promises to infuse approximately Rs 2 lakh crore into the agricultural sector, marking an increase of Rs 35,000 crore from the previous season.
During a Cabinet briefing on June 19, Vaishnaw emphasized the government’s commitment to ensuring that farmers receive fair compensation for their produce, with prices set at least 50 percent above the input costs. He highlighted the highest absolute increase in MSP for oilseeds and pulses, with nigerseed seeing a hike of Rs 983 per quintal, followed by sesamum at Rs 632 per quintal, and tur/arhar at Rs 550 per quintal.
Detailed MSP Breakdown
- Paddy: Rs 2,300 per quintal
- Cotton: Rs 7,121 per quintal (medium staple) and Rs 7,521 per quintal (long staple)
- Bajra (Pearl Millet): Rs 2,625 per quintal
- Groundnut Oil: Rs 6,783 per quintal
These revised prices aim to offer substantial support to farmers, ensuring they receive adequate compensation for their hard work. The MSP for Bajra, for instance, has been established at Rs 2,625 per quintal, providing significant backing to millet farmers.
Focus on Farmers’ Welfare
Vaishnaw, who also serves as the Railway Minister, reiterated the government’s dedication to enhancing farmers’ welfare. He stated that the Modi government’s first two terms had laid a strong foundation for economic growth, and the third term is poised to bring about significant decisions benefiting the people, particularly farmers.
“The third term of PM Modi is very important as it focuses on continuity with change through many decisions for farmers’ welfare,” Vaishnaw remarked, underscoring the significance of continuity and change in advancing farmers’ interests.
Alignment with Budget 2018-19 Announcement
The increase in MSP aligns with the Budget 2018-19 announcement of setting the minimum support price at a level of at least 1.5 times the All-India weighted average cost of production. The government estimates the expected margin to farmers over their cost of production to be highest in the case of bajra (77 percent), followed by tur (59 percent), maize (54 percent), and urad (52 percent). For other crops, the margin is estimated to be 50 percent.
This decision is a testament to the government’s ongoing efforts to support the agricultural sector and ensure sustainable livelihoods for farmers. The enhanced MSP is expected to provide a much-needed financial boost, empowering farmers to invest in better farming practices and contribute to the nation’s food security.
For more updates on government policies and their impact on the agricultural sector, stay tuned to Sarhind Times.
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