Good news for farmers: Big increase in kharif crop MSP after 2018-19

Ahmedabad. 8 June 2022, Wednesday

The heat of the world is soaking in the scorching heat and now the crows are waiting for the rain. Even before the onset of monsoon, there is good news for farmers. The government has given green light to a proposal to increase the minimum support price for kharif crops.

According to media reports, the Modi government has approved an increase in the Minimum Support Price (MSP) for kharif crops to increase farmers' income. The proposal was approved at a meeting of the Central Government's Cabinet Committee on Economic Affairs (CCEA) on Wednesday. The government has decided to increase the MSP of kharif crops for the year 2022-23. The decisions taken in the cabinet will be announced in detail at a press conference at 4 pm.

How much will MSP increase?

According to sources, MSP of kharif crop for the year 2022-23 may increase from 5 to 20%. After the Cabinet decision, MSP of kharif crops i.e. paddy and soybean will increase. The Cabinet also approved a proposal to increase the MSP of maize.

The biggest increase in MSP:

The MSP is likely to increase the most this time after the 2018-19 season. In addition to paddy, soybean and maize, increase in support prices of groundnut, tur, mug, jowar, bajra and ragi will be approved. The MSP of a total of 14 crops will be increased this season. There is also talk that the government may increase the prices of pulses and oilseeds.

What is MSP?

MSP stands for Minimum Support Price. The minimum price of cereals or other food grains is the price at which the government buys crops from farmers or the minimum price offered by the government to farmers for their crops is MSP. The main purpose of determining crop MSP is to provide any minimum support price to farmers.

Who determines the MSP?

Twice a year in the rabi and kharif seasons, the minimum support price is announced by the government on the recommendation of the Commission for Agricultural Expenditure and Prices (CACP). The Sugarcane Commission determines the support price of sugarcane.