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| Photo Credit: Okay.R. Deepak
The Minimum Support rices (MSPs) for each kharif and rabi seasons 2023-24 ensured a minimum return of 50% over the cost of production for all crops, mentioned the Reserve Bank’s Annual Report launched on May 30.
The total public inventory of foodgrains as on March 31, 2024 stood at 2.9 occasions the entire quarterly buffer norm, the report mentioned.
On November 29, 2023, the federal government prolonged the scheme of free distribution of foodgrains below the Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY) for 5 extra years, efficient from January 1, 2024.
The report, which is a statutory report of Reserve Bank of India’s (RBI) central board of administrators, famous that the agriculture and allied actions confronted headwinds from the uneven and poor South-West Monsoon (SWM) rainfall coinciding with strengthening El Nino situations.
The total SWM rainfall in 2023 (June-September) was 6% beneath Long Period Average (LPA) on the all-India degree.
As per the second advance estimates, the production of kharif and rabi foodgrains in 2023-24 was 1.3% decrease than the ultimate estimates of the earlier 12 months.
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The output of millets may gain advantage from productiveness good points, the report mentioned.
MSPs in 2023-24 have been elevated within the vary of 5.3-10.4% for the kharif crops and 2.0-7.1% for the rabi crops.
Moong witnessed the utmost MSP improve amongst kharif crops, whereas the rise was the best for lentils (masur) and wheat amongst rabi crops.
