The Cabinet Committee on Economic Affairs (CCEA) chaired by Prime Minister Narendra Modi on Tuesday announced that it was raising the Minimum Support Prices (MSPs) for six Rabi crops for the marketing season 2023-24 by up to 9 per cent.
The MSP for wheat, the most crucial of winter crops, has been raised by 5.45 per cent to `2,125 per quintal from `2,015 per quintal to encourage more area under the crop amid tight Government stock position owing to low procurement, fall in production and higher exports. The MSPs for other Rabi crops — barley, gram, lentil (masur), rapeseed, mustard, and safflower — have been increased in the range of 3.84 per cent to 9.09 per cent.
Prime Minister Narendra Modi said on Tuesday that the hike in the MSP of several Rabi crops will further energise the agriculture sector. Modi noted that farmers are important partners in the country’s development and said the Government has approved an increase in the MSPs of all essential Rabi crops, including wheat, lentils, and barley.