The government may raise the minimum support price (MSP) of six rabi or winter crops, with increases ranging from 2% to 7%, for the 2024-25 marketing season as it gears up for high-stakes general and state assembly elections, two officials said. The most substantial hikes are expected for wheat and lentil (masur), the officials said, requesting anonymity.
MSP serves as a crucial safety net for farmers by guaranteeing them a minimum income regardless of market prices. It also helps ensure food security by encouraging farmers to cultivate certain crops, helping stabilize prices of staples such as wheat, rice and lentils.
Last year, MSP for wheat, the main winter crop, was raised by 5.5% from the previous year to ₹2,125 per quintal (100 kg), while the minimum price of masur, one of the two key winter pulses, witnessed a significant 9.1% hike to ₹6,000 per quintal.
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