Govt hikes wheat MSP by Rs 150 to Rs 2,275 per quintal ahead of assembly polls
PTC News Desk: The government announced a rise in the minimum support price of wheat for the 2024-25 marketing season on Wednesday, ahead of assembly elections in key wheat-growing states.
This is the highest rise in MSP for any marketing season since the Modi government took office in 2014.
Furthermore, the MSPs for five other rabi crops have been raised: gram, barley, lentil (masur), rapeseed-mustard seed, and safflower.
The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi, made the decision in this regard.
Wheat's MSP is currently Rs 2,125 per quintal for the 2023-24 marketing season (April-March).
Wheat is the main rabi (winter) crop, with sowing beginning in October and harvesting beginning in April.
The minimum support price (MSP) is the lowest price at which grain can be purchased by government procurement agencies.
Anurag Singh Thakur, Minister of Information and Broadcasting, told the media following the cabinet meeting that the CCEA had authorized an increase in the MSP of six essential rabi crops for the 2024-25 marketing season.
"We increased the MSP of six rabi crops based on the CACP (Commission for Agricultural Costs and Prices) recommendation. The MSP for wheat has been raised by Rs 150 per quintal," he said.
Wheat MSP has been increased to Rs 2,275 per quintal for the 2024-25 marketing season, up from Rs 2,125 per quintal in 2023-24.
The hike in wheat MSP comes ahead of assembly elections in the key wheat-growing states of Madhya Pradesh and Rajasthan, at a time when consumer prices for wheat and wheat flour have been under pressure for the past year and a half.
The ban on wheat exports to manage wheat and wheat flour (atta) prices has been in effect since May 2022.
Wheat MSP is currently at its highest level since 2015-16. The last hike was announced for four marketing seasons -- 2017-18, 2018-19, 2019-20, and 2023-24 -- and was in the range of Rs 100-110 per quintal.
- With inputs from agencies
