THE GOVERNMENT ON Wednesday announced annual hikes in the range of 27% in the minimum support prices (MSP) for the winter-sown crops for the 2023-24 crop year (July-June).
The MSP of wheat, the key rabi crop, has been raised by 7.05% to 2,275/quintal for 2024-25 marketing year (April-June), the sharpest increase since 2014-15.
The move is despite wheat prices in the wholesale and retail markets remaining elevated for nearly two years, and a ban on exports of the grain imposed in May, 2022 to cool domestic prices.
To incentivise farmers, the MSP of lentil (masur) has been hiked the highest by 7.08% to 6,425/quintal for next marketing season.
The sharper hike in wheat MSP is aimed at encouraging farmers to boost output. Awide disparity was noticed in the official and trade estimates of wheat output in the last season, and market trends suggested inadequate supplies.
This story is from the October 19, 2023 edition of Financial Express Mumbai.
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This story is from the October 19, 2023 edition of Financial Express Mumbai.
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