Govt Approves Increase in Minimum Support Prices (MSP) for Rabi Crops in Marketing Season 2024-25

In a move to bolster the agricultural sector and ensure better returns for farmers, the Cabinet Committee on Economic Affairs, led by Prime Minister Shri Narendra Modi, has given its nod for a substantial hike in Minimum Support Prices (MSP) for all mandated Rabi Crops for the Marketing Season 2024-25.

The decision to raise the MSP for Rabi Crops reaffirms the government's commitment to providing remunerative prices to farmers and fostering crop diversification. The highest increase in MSP has been sanctioned for lentils (masur), with a substantial increment of Rs. 425 per quintal. This is followed by rapeseed & mustard, which will see a boost of Rs. 200 per quintal. Wheat and safflower will witness an increase of Rs. 150 per quintal each, while barley and gram will receive an increment of Rs. 115 and Rs. 105 per quintal, respectively.

This increase aligns with the Union Budget 2018-19 announcement, which aimed to fix the MSP at a minimum of 1.5 times the All-India weighted average Cost of Production. For the upcoming Marketing Season, the expected margin over the All-India weighted average Cost of Production is an impressive 102 percent for wheat, 98 percent for rapeseed & mustard, 89 percent for lentil, 60 percent for gram, 60 percent for barley, and 52 percent for safflower.

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By raising the MSP for Rabi Crops, the government intends to provide farmers with better returns, thereby incentivizing crop diversification and reducing their dependence on imports. This move is part of a broader strategy to promote the cultivation of oilseeds, pulses, and millets in order to enhance food security, increase farmers' income, and fortify the agricultural sector.

In addition to the Price Policy, the government has launched various initiatives to support farmers. The National Food Security Mission (NFSM), Pradhan Mantri Krishi Sinchayee Yojana (PMKSY), and the National Mission on Oilseeds and Oil Palm (NMOOP) are some of the key programs aimed at providing financial support and quality seeds to encourage the cultivation of oilseeds and pulses.

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Furthermore, the government is working diligently to extend the benefits of the Kisan Credit Card (KCC) Scheme to every farmer in the country. Initiatives such as the Kisan Rin Portal (KRP), KCC Ghar Ghar Abhiyaan, and Weather Information Network Data Systems (WINDS) have been launched to empower farmers with timely and accurate weather information. These initiatives are designed to revolutionize agriculture, enhance financial inclusion, optimize data utilization, and improve the lives of farmers throughout the nation.

The increase in MSP for Rabi Crops is a significant step towards securing the future of Indian agriculture and ensuring that farmers receive fair compensation for their hard work and dedication. It reflects the government's commitment to supporting the farming community and driving agricultural growth in the country.

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