Union Cabinet Hikes Paddy MSP By Rs 100 To Rs 2,040 Per Quintal For 2022-23
The government on Wednesday raised the minimum support price (MSP) of paddy marginally by Rs 100 per quintal to Rs 2,040 per quintal for the 2022-23 crop year.
New Delhi: The government on Wednesday raised the minimum support price (MSP) of paddy marginally by Rs 100 to Rs 2,040 per quintal for the 2022-23 crop year, said Union Minister for Information and Broadcasting Anurag Thakur. It was approved in the meeting of the Cabinet Committee on Economic Affairs (CCEA) chaired by Prime Minister Narendra Modi held on Wednesday. The MSP of Kharif crops for the year 2022-23 will now increase. "Dependence on imports has reduced. Farmers' income has increased. Approved rates are in line with the principle of fixing the MSPs at a level of at least 1.5 times," added Anurag Thakur.
Dependence on imports has reduced. Farmers' income has increased. Approved rates are in line with the principle of fixing the MSPs at a level of at least 1.5 times: I&B Minister Anurag Thakur pic.twitter.com/jaLeTAQ6sY
— ANI (@ANI) June 8, 2022
"In today's cabinet meeting, MSP of 14 kharif crops was approved," Anurag Thakur told reporters.
Apart from this, the Indian government may soon consider allowing traders to send out about 1.2 million tonnes of wheat. According to the news agency Reuters, the government wants to clear the cargo stuck at the ports after the sudden ban on the export of wheat last month. However, even after the government's permission, about 5 lakh tonnes of wheat may remain stuck at the ports. The reason for this is that traders are not able to get export permits.
On May 14, the Center banned the export of wheat. However, there is an exemption to allow already issued Letters of Credits (LCs) and overseas shipments to countries that request supplies to meet their food security needs.
What Is MSP?
MSP- Minimum Support Price is the minimum price at which the government buys crops from farmers. It can also be understood that the money government pays to the farmer on the crop purchased from them is the MSP. Below this, the farmers are not paid for their crops. The minimum support price is announced by the government on the recommendation of the Commission for Agricultural Costs and Prices (CACP) twice a year in the Rabi and Kharif seasons. The sugarcane commission decides the support price of sugarcane.
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