Govt hikes minimum support price for wheat, pulses
The decision to hike MSP for rabi crops has been taken days ahead of the arrival of fresh produce in the market
Swati Subhedar 23 Oct 2019 11:54 AM GMT
The Narendra Modi government, at a meeting of the Union cabinet on Wednesday, hiked the minimum support price (MSP) for rabi crops. The government hiked the MSP for wheat by Rs 85 to Rs 1,925 a quintal and for pulses by up to Rs 325 per quintal.
The MSP is the rate at which the government buys grains from farmers.
The decision to hike MSP for rabi crops has been taken days ahead of the arrival of fresh produce in the market. The MSP for these crops has been raised from 50% to 109%.
The move is likely to give a boost to the farmers who have been reeling under pressure from the agrarian crisis.
"In a move to increase farmers' income, the Cabinet has increased the MSP of rabi (winter-sown) crops for the current year," Information and Broadcasting Minister Prakash Javadekar told reporters after the meeting.
The government has approved Rs 85 per quintal hike in wheat MSP to Rs 1,925 per quintal for the 2019-20 rabi crop, up from Rs 1,840 per quintal last year.
Barley MSP has also been increased by Rs 85 to Rs 1,525 per quintal from Rs 1,440 per quintal last year.
To encourage the cultivation of pulses, the support price of masoor has been increased by Rs 325 to Rs 4,800 per quintal from Rs 4,475 per quintal last year.
Similarly, the MSP for gram has been hiked by Rs 255 to Rs 4,875 per quintal for this year from Rs 4,620 per quintal last year.