Among the 14 Kharif crops, moong witnessed the highest increase in MSP, going from Rs 7,755 to Rs 8,558 per quintal. Sesame also saw a significant increase to Rs 8,635 per quintal from Rs 7,830 in the previous season, ranking as the second-highest increase after moong.
The MSP plays a crucial role in providing a safety net to Indian farmers, ensuring they receive a minimum guaranteed price for their products. It also helps in stabilising food prices in the market and serves as a tool for the government to incentivise farmers to cultivate specific crops.
Summaries of economists' reactions to the MSP increase
Kotak Economic Research
- MSP has increased by almost 17.4 per cent annually, when factoring in productivity.
- That's lower than in previous years leading up to elections. A higher MSP would likely serve as a floor for other crops, however, this would depend heavily on supply.
- If the MSP is raised, it will likely increase demand in rural areas, but the RBI will likely seem cautious about doing so.
- The odds of a rate increase in August are high. There won't be a substantial monetary effect.
UBS Global Research
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