Cabinet hikes minimum support prices of Rabi crops; MSP for wheat up by Rs 105 per quintal for 2018-19

The Union Cabinet, chaired by Prime Minister Narendra Modi, in its meeting on Wednesday approved minimum support prices (MSP) of Rabi crops

Press Trust of India October 03, 2018 19:34:42 IST
Cabinet hikes minimum support prices of Rabi crops; MSP for wheat up by Rs 105 per quintal for 2018-19

New Delhi: The Government on Wednesday announced 6 percent hike in support price of wheat at Rs 1,840 per quintal, a move that will give farmers an additional income of Rs 62,635 crore and help contain their simmering discontent over high input cost and low sales realisation.

The Cabinet Committee on Economic Affairs (CCEA) headed by Prime Minister Narendra Modi approved higher minimum support price (MSP) for winter-sown or Rabi crops.

Cabinet hikes minimum support prices of Rabi crops MSP for wheat up by Rs 105 per quintal for 201819

Representational image. Reuters

The decision will help farmers earn an additional income of Rs 62,635 crore, Law Minister Ravi Shankar Prasad told reporters here after the meeting.

The decision comes within months of announcing higher price for Kharif crops, when the government fulfilled its promise of giving farmers 50 percent more price than their cost of production.

The Cabinet has approved a Rs 105 per quintal hike in wheat MSP to Rs 1,840 for 2018-19 season, Agriculture Minister Radha Mohan Singh said.

The MSP of wheat was Rs 1,735 per quintal in the 2017-18 crop year.

Singh said the MSP for all Rabi crops is higher than the cost of production ranging from 50-112 percent.

As per the CCEA decision, the MSP of barley has been increased by Rs 30 per quintal to Rs 1,440 per quintal, while that of gram (Chana) by Rs 220 per quintal to Rs 4,620 per quintal.

Masur's MSP has been raised by Rs 225 to Rs 4,475 per quintal, while the support price of rapeseed/mustard has been hiked by Rs 200 to Rs 4,200 per quintal. Safflower MSP has been increased by Rs 845 per quintal to Rs 4,945.

The support price has been increased based on the recommendations of farm advisory body CACP (Commission for Agricultural Costs and Prices) and is in line with the government's announcement to provide farmers a 50 percent profit over the cost of production.

Updated Date:

Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.

also read

After farmers' protest, Shiromani Akali Dal urges Centre not to present farm ordinances for approval in Parliament
India

After farmers' protest, Shiromani Akali Dal urges Centre not to present farm ordinances for approval in Parliament

SAD, which is a member of the ruling NDA at the Centre, issued the statement amid a widespread criticism by many farmers' organisations of the three farm sector ordinances promulgated by the Centre during the lockdown

Harsimrat Kaur Badal quits Union cabinet: Why Shiromani Akali Dal is risking 23-yr-old alliance with BJP over farm bills
Politics

Harsimrat Kaur Badal quits Union cabinet: Why Shiromani Akali Dal is risking 23-yr-old alliance with BJP over farm bills

SAD chief Sukhbir Singh Badal has also expressed regret over the BJP not taking into account its reservations against the bill

BS Yediyurappa leaves for Delhi to discuss Karnataka Cabinet expansion with Narendra Modi
India

BS Yediyurappa leaves for Delhi to discuss Karnataka Cabinet expansion with Narendra Modi

While several BJP leaders are waiting for a chance to be inducted into the state Cabinet, those who defected from the Congress and JD(S) are also aspiring for ministerial berths