New Delhi: India’s cabinet on June 8 approved a hike in minimum support prices for 17 crops for the 2022-23 kharif marketing season, Anurag Singh Thakur, the minister for information said.
The approved rates are in line with the principle of fixing the MSPs at a level of at least 1.5 times of the all India weighted average cost of production, an official said.
MSP refers to a state-set price at which government agencies procure select crops from farmers to shield them from price volatilities.
|CROP||INCREASE IN MSP (RS/QUINTAL)||MSP 2022-23 (RS/QUINTAL)|
|Paddy (grade A)||100||2060|
|Cotton (medium staple)||354||6080|
|Cotton (long staple)||355||6380|