The authorities right this moment (June 7) hiked the minimal assist worth (MSP) of paddy by Rs 143 to Rs 2,183 per quintal for the 2023-24 crop yr (July-June) in order to encourage farmers to convey extra space underneath the crop and increase their revenue. The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi, accepted the rise in MSP for all mandated Kharif (summer time) crops for the 2023-24 crop yr.
Briefing media, Food and Consumer Affairs Minister Piyush Goyal stated: “In agriculture, we have been fixing MSP from time to time based on the recommendations of the CACP (Commission for Agricultural Costs and Prices). The increase in MSP of kharif crops for this year is highest compared to the previous years.”
Farmers will profit from the rise in the MSP at a time when the retail inflation is on a declining pattern, he added. Goyal stated the MSP of frequent grade number of paddy has been elevated by Rs 143 to Rs 2,183 per quintal for the 2023-24 crop yr, from Rs 2,040 in the earlier yr.
The assist worth of ‘A’ grade number of paddy has been hiked by Rs 143 to Rs 2,203 per quintal from Rs 2,060, he stated. Highest enhance in MSP was in moong by 10.4 per cent at Rs 8,558 per quintal for 2023-23 crop yr, as in opposition to Rs 7,755 per quintal in the earlier yr.
Paddy is the principle kharif crop, the sowing of which usually begins with the onset of southwest monsoon. The India Meteorological Department (IMD) has projected a standard monsoon for the June-September interval regardless of the evolving El Nino circumstances. The monsoon has missed its onset date of June 1 in Kerala.
(With PTI inputs)Â
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