Cabinet approves 2-7% MSP increase for six crops for 2024-25 marketing season
₹2,275 a quintal from ₹2,125 last season and to ₹6,425 a quintal from ₹6,000 last season, respectively. Barley's MSP has been hiked to ₹1,850 from ₹1,735 a quintal last season while chana's MSP has been raised to ₹5,440 from ₹5,335.
In the case of oilseed crops, the government hiked the MSP for rapeseed & mustard oilseed and safflower oilseed to ₹5,650 a quintal from ₹5,450 and ₹5,800 a quintal from ₹5,650 in the 2023-24 marketing season (October-March). The rabi season contributes almost half of India’s total foodgrain output.
The cabinet committee approves the MSP for kharif crops in June and rabi crops in October, based on the recommendations of the Commission for Agricultural Costs and Prices (CACP). It sets the MSPs at least 1.5 times the all-India weighted average cost of production, as outlined in Union Budget 2018-19, to ensure adequate compensation for farmers."Exciting news! Mint is now on WhatsApp Channels
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