Union Cabinet approved a hike in the Minimum Support Price (MSP) for various Kharif (summer) crops for the fiscal year 2022-23 on Wednesday, according to Union Minister Anurag Thakur. The MSP for Kharif crops for the crop year 2022-23 will now rise.
Prime Minister Narendra Modi's Cabinet Committee on Economic Affairs (CCEA) has approved an increase in MSP for all mandated Kharif crops for the 2022-23 crop year.
"In today's cabinet meeting, MSP of 14 Kharif crops was approved," said Thakur.
The MSP for common grade paddy has been raised to Rs 2,040 per quintal for the 2022-23 crop year, up from Rs 1,940 the previous year. The support price for 'A-grade paddy has been raised from 1,960 to 2,060 per quintal.
The main Kharif crop, paddy, has already begun to be sown. The meteorological department predicts that the Southwest monsoon in 2022 will be normal at 99 percent of the long-term average.
Normal to good monsoons have aided Kharif food grain production, which has increased by 2.8 percent on average in the last three years, and this may result in Kharif production increasing by 2.5 percent, on top of a 1.5 percent increase in rabi output.
Information and Broadcasting Minister also emphasized several programmes launched by the Narendra Modi-led BJP government over the last eight years to increase farmers' income and ensure the farm sector's overall growth.
While Kharif farm income is expected to grow for the second year in a row, Kharif farm costs are expected to rise further as global fertilizer and feed prices soar, according to an earlier foreign brokerage report.
Last month, the government stated that the availability of fertilizers during the current Kharif season exceeds the estimated demand and that its subsidy for this fiscal year may be increased to around Rs 2.5 lakh crore to ensure that farmers receive crop nutrients at heavily subsidized rates.
The Centre also stated that it will take strict action against crop nutrient hoarding and has asked states to monitor fertilizer movement. It also directed states to provide accurate information to farmers in order to avoid panic buying.
