The government has approved a hike in the minimum support price (MSP) of Paddy. The aim is to encourage farmers to increase their income by planting the Crop on additional land.
To encourage farmers to increase their income by planting the crop on additional land, on June 7 the government increased the minimum support price (MSP) of paddy by Rs 143 to Rs 2,183 per quintal for the 2023–24 crop year (July–June). The rise in MSP for all required Kharif (summer) crops for the crop year 2023–24 was authorized by the Cabinet Committee on Economic Affairs (CCEA), which is presided over by Prime Minister Narendra Modi.
Food and consumer affairs minister Piyush Goyal told the reporters, “In agriculture, we have been periodically setting MSP based on the CACP (Commission for Agricultural Costs and Prices) recommendations. Kharif crop MSP rose the most this year.”
The hike in the MSP will assist farmers at a time when retail inflation is trending downward, he noted. For the 2023–24 crop year, Goyal said the MSP for general grade paddy rose from Rs 2,040 to Rs 2,183 per quintal.
According to him, the support price for the ‘A’ grade type of paddy has increased by Rs 143, going from Rs 2,060 per quintal to Rs 2,203. The highest MSP rise was in moong, which rose by 10.4% to Rs 8,558 per quintal for the crop year 2023–23 from Rs 7,755 per quintal the year before.
The primary kharif crop is paddy, and its Seeding Typically Starts with the arrival of the southwest monsoon. Despite the developing El Nino conditions, the India Meteorological Department (IMD) has forecast a typical monsoon for the months of June through September. In Kerala, the monsoon has not yet begun as of June 1.
The government increased the minimum support price (MSP) of paddy by Rs 143 to Rs 2,183 per quintal for the 2023–24 crop year. The highest MSP rise was in moong, which rose by 10.4% to Rs 8,558 per quintal. The primary kharif crop is paddy, and its seeding typically starts with the arrival of the southwest monsoon.
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