The Central government announced a surge in the Minimum Support Price (MSP) of wheat by Rs 150 on October 18, 2023. For the 2023-25 marketing season, the MSP per quintal will be Rs 2,275. This increase in MSP prices is the highest after the advent of the BJP government in 2014.
The decision was led by the Cabinet Committee on Economic Affairs, chaired by Prime Minister, Narendra Modi. The Information and Broadcasting Minister, Anurag Thakur has stated that the panel has approved the hikes in the MSP of all mandated rabi crops for the 2024-25 season.
Rabi MSP 2024 Increased:
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Mustard MSP increased by Rs 200 per quintal
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Safflower MSP increased by Rs 150 per quintal
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Barley MSP increased by Rs 115 per quintal
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Gram MSP increased by Rs 105 per quintal
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Wheat MSP increased by Rs 150 per quintal
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The panel approved the highest MSP increase for Masoor Dal at Rs 425 per quintal
MSP is classified as the lowest rate at which the government procures crops from farmers. Along with the MSP increase of rabi crops, the Centre has also announced a hike in the Dearness Allowance (DA) of central government employees by four percentage points to 46 percent.
