In a significant move to boost agricultural growth and support farmers, the Cabinet Committee on Economic Affairs, under the leadership of Prime Minister Narendra Modi, has given its nod to increase the Minimum Support Prices (MSP) for all mandated Rabi Crops for the Marketing Season 2024-25.
The decision to raise the MSP for Rabi Crops in the upcoming Marketing Season aims to ensure that farmers receive fair and remunerative prices for their produce. The highest absolute increase in MSP has been sanctioned for lentils (masur) at Rs. 425 per quintal, closely followed by rapeseed and mustard at Rs. 200 per quintal. Wheat and safflower, on the other hand, will see a boost of Rs. 150 per quintal each. For barley and gram, an increase of Rs. 115 per quintal and Rs. 105 per quintal, respectively, have been approved.
This move to enhance MSP aligns with the Union Budget 2018-19 announcement, which aimed to set the MSP at a level of at least 1.5 times the All-India weighted average Cost of Production. The expected margin over the All-India weighted average Cost of Production is estimated at 102 percent for wheat, 98 percent for rapeseed and mustard, 89 percent for lentils, 60 percent for gram, 60 percent for barley, and 52 percent for safflower. These increased MSP rates for Rabi Crops are expected to not only guarantee fair returns to the farmers but also stimulate crop diversification.
As part of the broader strategy to promote crop diversification, the government is actively encouraging the cultivation of oilseeds, pulses, and millets. This initiative aims to bolster food security, augment farmers' income, and reduce the nation's dependence on imports. Complementing the Price Policy, the government has undertaken a variety of initiatives, including the National Food Security Mission (NFSM), Pradhan Mantri Krishi Sinchayee Yojana (PMKSY), and the National Mission on Oilseeds and Oil Palm (NMOOP). These programs are designed to provide financial support and quality seeds, motivating farmers to explore oilseeds and pulses cultivation.
Furthermore, the government is extending the benefits of the Kisan Credit Card (KCC) Scheme to every farmer across the country. To achieve this, it has introduced the Kisan Rin Portal (KRP), KCC Ghar Ghar Abhiyaan, and the Weather Information Network Data Systems (WINDS). These initiatives seek to provide timely and accurate weather information to empower farmers in making well-informed decisions about their crops. The collective effort is aimed at revolutionizing agriculture, fostering financial inclusion, optimizing data utilization, and ultimately improving the lives of farmers nationwide.
This move is expected to have a positive impact on the agricultural sector, support farmers, and bolster India's food security efforts.
