Union Cabinet approves new MSP for 14 kharif crops; farmers to get Rs.35,000 crore more over previous season

The decision will result in a financial gain of Rs.35,000 crore for farmers over the previous year

June 20, 2024

Govt clears MSP for 14 crops; paddy sees 5.3% jump

Union Cabinet has announced the minimum support price (MSP) for 14 Kharif season crops, including cotton, maize, jowar, ragi, and paddy.

This will result in a financial gain of Rs.35,000 crore for farmers over the previous year and a financial impact of Rs two lakh crore for the government.

Speaking to the media following a union cabinet meeting, Information, and Broadcasting Minister Ashwini Vaishnaw stated that the third term of Prime Minister Modi is crucial because it emphasizes continuity while bringing about many changes, including decisions for the welfare of farmers.

He stated that the first two terms of the Modi administration had established a solid foundation for economic growth and that important decisions would be made in the third term for the good of the people.

“The Minimum Support Price (MSP) for 14 Kharif season crops, including cotton, rice, ragi, bajra, jowar, and maize, has been approved by the Cabinet. The decision made today will provide farmers with an MSP of approximately Rs lakh crores. Compared to the previous season, this is Rs.35,000 crores more,” he stated. According to the minister, the government’s decisions are in line with its commitment to give farmers a price that is 50% higher than the cost of their inputs. For oilseeds and pulses, the largest absolute MSP increase over the prior year has been recommended.

Earlier during his visit to Varanasi, Prime Minister Modi distributed the 17th installment of the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) through Direct Benefit Transfer to approximately 9.26 crore farmers who are eligible. The amount exceeds Rs.20,000 crores.

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