Union Cabinet hikes MSP on wheat by Rs 110 per quintal
As per the information, the Ministry of Agriculture had recommended an increase in the MSP of six Rabi Crops including wheat and pulses and had proposed an increase in MSP by up to 9 percent after receiving the recommendations from the MSP committee. Recommendations were thereafter sent to the union cabinet for final approval.
The Union Cabinet has approved a hike in Minimum Support Price (MSP) for rabi crops including wheat, barley, masoor, gram among others. The MSP prices of wheat are being increased by Rs 110 per quintal, barley by Rs 100 per quintal, gram by Rs 105 per quintal, lentil by 500 per quintal, sunflower by Rs 209 per quintal and rapeseed and mustard by Rs 400 per quintal.
As per the information, the Ministry of Agriculture had recommended an increase in the MSP of six Rabi Crops including wheat and pulses and had proposed an increase in MSP by up to 9 percent after receiving the recommendations from the MSP committee. Recommendations were thereafter sent to the union cabinet for final approval.
"The increase in MSP for Rabi Crops for RMS 2022-23 is in line with the Union Budget 2018-19 announcement of fixing the MSPs at a level of at least 1.5 times of the all-India weighted average cost of production, aiming a reasonably fair remuneration for the fanners," the press release said.
"The expected returns to farmers over their cost of production are estimated to be highest in case of wheat, rapeseed and mustard (100 percent each), followed by lentil (79 percent), gram (74 percent), barley (60 percent); safflower (50 percent)," it added.
The government added that its Rs 11,040 crore National Mission on Edible Oils-Oil Palm (NMEO-OP) will help in increasing the domestic production of edible oils and reduce dependency on imports.
Government further claimed that its umbrella scheme - Pradhan Mantri Annadata Aay SanraksHan Abhiyan (PM-AASHA) will provide remunerative return to farmers for their produce. Launched in 2018, the scheme consists of three sub-schemes - Price Support Scheme (PSS), Price Deficiency Payment Scheme (PDPS) and Private Procurement and Stockist Scheme (PPSS).
First Published: Oct 18, 2022 12:46 PM IST
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