Cabinet approves increase in MSP of 14 crops, paddy price increased by Rs. 200
In one of the biggest and the most crucial announcement for the farmers, the Union Cabinet on Wednesday approved the proposal to raise Minimum Support Price (MSP) for kharif crops. The Cabinet Committee on Economic Affairs (CCEA) has increased the minimum support price (MSP) of paddy by Rs 200 to Rs 1,750 per quintal, here on Wednesday. The Cabinet has also approves the increase in MSP of 14 crops. The Cabinet Committee on Economic Affairs (CCEA) meeting was held at 10.50 am on Wednesday, to approve the support price of Kharif crops, and the MSP for paddy to honour the budget announcement to ensure that farmers get at least 1.5 times of the production cost. On Tuesday, Prime Minister Narendra Modi met Agriculture Minister Radha Mohan Singh and officials of planning body Niti Ayog to give final shape to the long promised move of providing at least 1.5 times of the production cost to the farmers. Minimum support price is a form of market intervention by the government to insure farmers against any sudden fall in agricultural produce prices. The MSP is a guaranteed price for their produce from the State. -PTC News
