Cabinet approves increase in MSP for all Rabi crops for marketing season 2024-25

The Union Cabinet Wednesday approved the increase in the Minimum Support Prices (MSP) for all mandated Rabi Crops for Marketing Season 2024-25.

“The absolute highest increase in MSP has been approved for Lentil at Rs 425 per quintal followed by Rapeseed and Mustard at Rs 200 per quintal,” Union Information and Broadcasting Minister Anurag Thakur said in a media briefing after the Cabinet meeting.

#Cabinet approves an increase in Minimum Support Prices (MSP) for all mandated Rabi Crops for Marketing Season 2024-25.

The absolute highest increase in MSP has been approved for Lentil at ₹425 per quintal followed by Rapeseed & Mustard at ₹200 per quintal. For wheat and… pic.twitter.com/b1pWPqefk8

— PIB India (@PIB_India) October 18, 2023

"For wheat and Safflower, an increase of Rs 150 per quintal each has been approved. An increase of Rs 115 per quintal and Rs 105 per quintal has been approved for Barley and Gram respectively," the minister added.

The decision was taken by the Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi.

"Government has increased the MSP of Rabi Crops for Marketing Season 2024-25, to ensure remunerative prices to the growers for their produce," CCEA said.

In line with the commitment of Hon'ble PM Shri @narendramodi ji to increase farmers income, a major decision was taken by the Union Cabinet today.

The Minimum Support Price (MSP) for 6 Rabi crops has been increased for the marketing season 2024-25. The difference between the MSP… pic.twitter.com/1iiv2OBdVT

— Anurag Thakur (@ianuragthakur) October 18, 2023

The Union Cabinet said the increase in MSP for mandated Rabi Crops for Marketing Season 2024-25 was in line with the Union Budget 2018-19 announcement of fixing the MSP at a level of at least 1.5 times of the All-India weighted average Cost of Production.

The expected margin over All-India weighted average Cost of Production is 102 per cent for wheat, followed by 98 per cent for rapeseed and mustard; 89 per cent for lentil; 60 per cent for gram; 60 per cent for barley; and 52 per cent for safflower.

"This increased MSP of rabi crops will ensure remunerative prices to the farmers and incentivise crop diversification," the Cabinet said.

The Government is promoting crop diversification towards oilseeds, pulses and shree anna/millets to enhance food security, increase farmers' income, and reduce dependence on imports. Besides the Price Policy, the Government has undertaken various initiatives such as the National Food Security Mission (NFSM), Pradhan Mantri Krishi Sinchayee Yojana (PMKSY), and the National Mission on Oilseeds and Oil Palm (NMOOP) with the objective to provide financial support, quality seeds to encourage farmers to cultivate oilseeds and pulses.

Moreover, to extend the benefits of the Kisan Credit Card (KCC) Scheme to every farmer across the nation, Government has launched the Kisan Rin Portal (KRP), KCC Ghar Ghar Abhiyaan, and Weather Information Network Data Systems (WINDS) with the aim to provide timely and accurate weather information to empower farmers in making timely decisions regarding their crops. These initiatives aim to revolutionize agriculture, enhance financial inclusion, optimize data utilization, and improve the lives of farmers across the nation.