CCEA Approves MSP For All Mandated Kharif Crops

The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi, has approved an increase in the Minimum Support Prices (MSP) for all mandated Kharif crops for the Marketing Season 2023-24.

The increase in MSP aligns with the Union Budget 2018-19 announcement of setting the MSP at a minimum of 1.5 times the All-India weighted average Cost of Production to ensure fair remuneration for farmers.

The expected margin over the cost of production is estimated to be highest for bajra (82 per cent), followed by tur (58 per cent), soybean (52 per cent), and urad (51 per cent). The government has been actively promoting the cultivation of non-cereal crops such as pulses, oilseeds, and Nutri-cereals/Shree Anna by offering a higher MSP.

Various schemes and initiatives like the Rashtriya Krishi Vikas Yojana (RKVY) and the National Food Security Mission (NFSM) have been launched to encourage crop diversification. According to the third advance estimates for 2022-23, total foodgrain production in the country is estimated at a record 330.5 million tonnes, marking a significant increase of 14.9 million tonnes compared to the previous year and the highest increase in the last five years.

As per third advance estimates for 2022-23, total Foodgrain production in the country is estimated at record 330.5 million tonnes which is higher by14.9 million tonnes as compared to the previous year 2021-22. This is the highest increase in the last 5 year.