New Delhi, June 8: The Cabinet on Wednesday hiked the Minimum Support Price (MSP) for the Kharif Marketing Season 2022-23.
The approved prices are in accordance with the principle of keeping the Minimum Support Prices at a level of at least 1.5 times the all India weighted average cost of production.
"In today's cabinet meeting, MSP of 14 Kharif crops was approved," Information and Broadcasting Minister Anurag Thakur said.
The MSP for common grade paddy has been hiked to Rs 2,040 per quintal for the 2022-23 crop year, up from Rs 1,940 the previous year. Meanwhile, the support price for 'A' grade paddy has been increased from Rs 1,960 to Rs 2,060 per quintal.
Sesamum (Rs 523/quintal), Moong (Rs 480/quintal), and Sunflower seed (Rs 385/quintal) have been recommended as having the highest absolute increase in MSP over the previous year.
Farmers will benefit from the increased pricing since they will have assured remunerative prices. The move will also help the government's Atmanirbhar Bharat scheme by lowering reliance on imports and promoting self-sufficiency.
As stated in the Cabinet decisions, increased prices may also lead to increased investment and production.