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Minimum Support Prices (MSP): Detail Explanation

Minimum Support Prices (MSP): Detail Explanation Recently, the Minimum Support Prices (MSP) for all required rabi crops for the marketing season 2023–2024 were raised with the approval of the Cabinet Committee on Economic Affairs, which is chaired by the Prime Minister. Major Points MSP increase for the wheat crop: Rs 110 per quintal (5.46%) more. Other rabi crops, including rapeseed, mustard, safflower, gramme, and lentil (masur), have increased by 2.01 to 9.09 per cent. The maximum increase in MSP: Masur lentils have received the highest increase in MSP, approved at Rs 500 per quintal, in absolute terms. Rapeseed and mustard…

17 October, 2022 MSP

Minimum Support Price and Schemes

What is the Minimum Support Price (MSP)? MSP is a form of market intervention by Center to insure agricultural producers against any sharp fall in farm prices (especially in bumper production years). They are announced at the beginning of the sowing season for certain crops on the basis of the recommendations of Commission for Agricultural Costs and Prices (CACP). The major objectives are to support the farmers from distress sales and to procure food grains for public distribution. In case the market price < MSP due to bumper production and glut in the market, Center purchases everything at MSP. How many Commodities are included in MSP? MSP are currently announced for 24 commodities (7C + 5P + 8O…

23 December, 2021 MSP

MSP for Agriculture crops 2021-22

MSP for Agriculture crops 2021-22 The policies of the Government of India and decisions taken in recent years towards farmers’ welfare have resulted in significant improvement in food grain production and sustained agriculture growth despite the COVID-19 pandemic. The Cabinet Committee on Economic Affairs (CCEA) chaired by the Hon'ble Prime Minister Shri Narendra Modi has approved the increase in the Minimum Support Prices (MSP) on 8th September 2021 for all designated Rabi crops for Rabi Marketing Season (RMS) 2022-23, when in advance of the sowing season. MSP is an integral component of Agriculture Price Policy and it targets to ensure…

14 September, 2021 MSP

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