Cabinet’s gift to Rabi crops: Hike in MSP

New Delhi, October 4: Cabinet Committee on Economic Affairs, CCEA, has increased the Minimum Support Price (MSP) for all Rabi crops for the current financial year which will be marketed in 2019-20 season.

 

The MSP of wheat has been raised by 105 rupees per quintal, Safflower by 845 rupees per quintal, Barley by 30 rupees a quintal, Masur by 225 per quintal, Gram by 220 per quintal and rapeseed and mustard by 200 rupees per quintal.

Briefing media after the Cabinet meeting in New Delhi this evening, Agriculture Minister Radha Mohan Singh said, the MSP fixed by the government is much higher than the cost of production.

Speaking on the occasion, Union Minister Ravishankar Prasad said, the decision is a step towards doubling the farmers' income.

The decision will give additional return to the farmers of 62,635 crore rupees by way of increasing the MSP of notified crops to at least 50 per cent return over cost of production.

The hike in MSP will further enhance the farm income and consequently boost the rural demand for consumer goods, automobile, seeds and fertilizers.

A few months back, the government had announced higher MSP for Kharif (summer) crops, to fulfil its promise of giving farmers 50 percent more price than their cost of production.