A Maize Corn Field
New Delhi: The Cabinet Committee on Economic Affairs (CCEA) today approved the increase in the Minimum Support Prices (MSP) for all mandated Kharif Crops for Marketing Season 2023-24.
The decision to increase the MSP is to ensure remunerative prices to the growers for their produce and to encourage crop diversification, the Cabinet note stated.
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 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 bajra (82%) followed by tur (58%), soybean (52%) and urad (51%). For the rest of the crops, the margin to farmers over their cost of production is estimated to be at least 50%.
– global bihari bureau
