Minimum Support Price: The minimum support price for six crops was raised by the government on Tuesday in an effort to increase output and farmer revenue.
The decision to increase the MSPs (minimum support prices) was made during a meeting of the Cabinet Committee on Economic Affairs (CCEA), which is presided over by Prime Minister Narendra Modi.
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The MSP is the amount that the government pays grain growers. Currently, MSPs are determined by the government for 23 crops grown during the Rabi and Kharif seasons.
Rabi (winter) crops are sown in October, immediately after the harvest of Kharif (summer) crops. Wheat and mustard are the two principal rabi crops.
The CCEA has approved a rise in MSPs for six rabi crops for 2022–23 (July–June) and the marketing seasons 2023–24.
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The MSP for wheat has increased from Rs. 2,015 per quintal in the crop year 2021–2022 has raised to Rs. 2125 i.e. by Rs. 110 per quintal for this year, and the MSP for mustard has increased to 5,450 per quintal i.e. by Rs. 400 for the current crop year.
The announcement estimates that the cost of producing one quintal of wheat will be Rs.1,065.
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