The Union Cabinet on Wednesday approved an increase in minimum support price (MSP) for kharif crops. It has hiked MSP of paddy by Rs 143 or 7 per cent to Rs 2,183 per quintal for 2023-24. Moong dal has witnessed the highest growth of 10.4 per cent to Rs 8,558 per cent quintal.
For groundnut, the MSP has increased by 9 per cent. MSP for soybean now stands at Rs 4,600 per quintal, sesamum at Rs 8,635 per quintal, nigerseed at Rs 7,734 per quintal and cotton stands at Rs 6,620 per quintal. For cotton (long staple), the MSP now 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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