NEW DELHI: The Union minister Anurag Singh Thakur said on October 18 that the central cabinet had approved a plan to raise the minimum support prices (MSP) for six Rabi, or winter-sown, crops.
Minimum support price is the price set by the state at which the government buys certain crops from farmers to protect them from normal price changes. About 23 crops are covered by MSP at the moment.
The Rabi MSP is classically set for wheat, barley, gram, lentil, mustard and safflower.
The government has raised the MSP for wheat by Rs 110 per quintal to Rs 2,125 per quintal for the Rabi marketing season 2023–2024. The MSP for barley has gone up by 100 rupees to Rs 1,735 per quintal, while it has gone up by 105 rupees to Rs 5,335 per quintal for gramme.
The MSP for the lentil crop (masur) will go up by Rs 500, giving it a support price of Rs 6,000 per quintal.
For the season, the MSP for rapeseed and mustard has gone up by Rs 400 to Rs 5,450 per quintal, while the MSP for safflower will go up by Rs 209 to Rs 5,650 per quintal.
The MSP is decided by the government based on what the Commission for Agricultural Costs and Prices says and what state governments and central ministries say. Commission for Agricultural Costs & Prices looks at the cost of production, domestic and international prices, demand & supply conditions, inter-crop price parity, and the terms of trade between the agricultural and non-agricultural sectors when deciding what the MSP should be.
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