The Union Cabinet has approved a hike in Minimum Support Price (MSP) for rabi crops for 2024-25, said Union Minister Anurag Thakur on Wednesday, October 18.
#WATCH | The Union Cabinet has approved hike in Minimum Support Prices (MSP) for Rabi Crops for 2024-25, says Union Minister Anurag Thakur in Delhi. pic.twitter.com/x9W8uPEcEU
— ANI (@ANI) October 18, 2023
The highest increase in MSP has been approved for lentil (masur) at Rs 425 per quintal followed by rapeseed & mustard at Rs 200 per quintal. The MSP for wheat and safflower has been increased by Rs 150 per quintal each. For barley and gram, the MSP has been increased by Rs 115 per quintal and Rs 105 per quintal respectively.
| S.No | Crops | MSP RMS | MSP RMS 2023-24 | MSP RMS 2024-25 | Cost* of production RMS 2024-25 | Increase in MSP (Absolute) | Margin over cost (in %) |
| 2014-15 | |||||||
| 1 | Wheat | 1400 | 2125 | 2275 | 1128 | 150 | 102 |
| 2 | Barley | 1100 | 1735 | 1850 | 1158 | 115 | 60 |
| 3 | Gram | 3100 | 5335 | 5440 | 3400 | 105 | 60 |
| 4 | Lentil | 2950 | 6000 | 6425 | 3405 | 425 | 89 |
| (Masur) | |||||||
| 5 | Rapeseed | 3050 | 5450 | 5650 | 2855 | 200 | 98 |
| & Mustard | |||||||
| 6 | Safflower | 3000 | 5650 | 5800 | 3807 | 150 | 52 |
(₹ per quintal)
India, the world's second biggest wheat producer, sets a price each year to protect domestic farmers from distress sales and stock grain for emergency needs. It also uses grain to sell food to the poor at low prices.
The government estimates wheat output jumped to a record 112.74 million metric tons in 2023, but a leading trade body said the harvest was at least 10% lower than the agriculture ministry's estimate.
As of October 1, wheat stocks in government warehouses stood at 24 million metric tons, sharply down compared with a five-year average of 37.6 million tons.
First Published: Oct 18, 2023 3:46 PM IST
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