MSP Raised For Rabi Crops: Wheat Tops Margin Over Cost, Lentil Sees Maximum Hike

The Cabinet Committee on Economic Affairs, under the leadership of Prime Minister Narendra Modi, on Wednesday (18 October) gave its approval for an increase in the Minimum Support Prices (MSP) for all mandated Rabi Crops for the Marketing Season 2024-25.

Wheat and safflower have been approved for an increase of Rs. 150 per quintal each. Barley and gram have been granted an increase of Rs. 115 per quintal and Rs. 105 per quintal, respectively.

The increase in MSP for mandated Rabi Crops for Marketing Season 2024-25 aligns with the Union Budget 2018-19 announcement of fixing the MSP at a level of at least 1.5 times the All-India weighted average Cost of Production, according to the press release.

The expected margin over the All-India weighted average Cost of Production is 102 per cent for wheat, followed by 98 per cent for rapeseed & mustard; 89 per cent for lentil; 60 per cent for gram; 60 per cent for barley; and 52 per cent for safflower.

In addition to the Price Policy, the government has undertaken various initiatives, such as the National Food Security Mission (NFSM), Pradhan Mantri Krishi Sinchayee Yojana (PMKSY), and the National Mission on Oilseeds and Oil Palm (NMOOP), with the objective of providing financial support and quality seeds to encourage farmers to cultivate oilseeds and pulses.

Furthermore, to extend the benefits of the Kisan Credit Card (KCC) Scheme to every farmer across the nation, the government has launched the Kisan Rin Portal (KRP), KCC Ghar Ghar Abhiyaan, and Weather Information Network Data Systems (WINDS) to provide timely and accurate weather information, empowering farmers to make informed decisions regarding their crops. These initiatives aim to revolutionise agriculture, enhance financial inclusion, optimize data utilisation, and improve the lives of farmers across the nation.