Govt hikes paddy MSP by Rs 117 to Rs 2,300 per quintal.
The Central government has increased the Minimum Support Price (MSP) for paddy by 5.35% to Rs 2,300 per quintal for the 2024-25 kharif marketing season.
On Wednesday, the Central government increased the Minimum Support Price (MSP) for paddy by 5.35%, setting it at Rs 2,300 per quintal for the 2024-25 kharif marketing season.
The government noted that the highest absolute MSP increases from the previous year were recommended for oilseeds and pulses, with niger seed seeing an increase of Rs 983 per quintal, sesamum Rs 632 per quintal, and tur/arhar Rs 550 per quintal.
Farmers are expected to see the highest margins over their production costs with bajra at 77%, followed by tur at 59%, maize at 54%, and urad at 52%. For other crops, the margin is estimated at 50%. Announcing the decision on Wednesday evening, Union I&B Minister Ashwini Vaishnaw stated that the Cabinet approved the MSP for 14 kharif crops based on the Commission for Agricultural Costs and Prices (CACP) recommendations. This significant decision comes ahead of state elections in Haryana and Maharashtra.
Vaishnaw mentioned that the MSP for common grade paddy has been raised by Rs 117 to Rs 2,300 per quintal, and for the ‘A’ grade variety, it has been increased to Rs 2,320 per quintal for the upcoming kharif season. He highlighted that the government had decided in the 2018 Union Budget that MSP should be at least 1.5 times the cost of production, a policy followed in the latest MSP hike, with the costs scientifically calculated by the CACP.
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