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Cabinet approves Minimum Support Prices for all Rabi Crops for Marketing Season 2023-24

19 October 2022, New Delhi: The Cabinet Committee on Economic Affairs chaired by Prime Minister Narendra Modi has approved the increase in the Minimum Support Prices (MSP) for all mandated Rabi Crops for Marketing Season 2023-24.

Government has increased the MSP of Rabi Crops for Marketing Season 2023-24, to ensure remunerative prices to the growers for their produce. The absolute highest increase in MSP has been approved for lentil (Masur) at Rs.500/- per quintal followed by rapeseed and mustard at Rs.400/- per quintal. For safflower, an increase of Rs.209/- per quintal has been approved. For wheat, gram and barley an increase of Rs.110/- per quintal, Rs.100 per quintal and Rs. 105 per quintal respectively has been approved.

MSP for all Rabi Crops for Marketing Season 2023-24 (Rs. Per quintal)

S.No.CropsMSPRMS2022-23MSPRMS2023-24Cost* of production RMS 2023-24Increase in MSP (Absolute)Return over cost (in per cent)
4Lentil (Masur)55006000323950085
5Rapeseed & Mustard505054502670400104
*Refers to cost which includes all paid out costs such as those incurred on account of hired human labour, bullock labour/machine labour, rent paid for leased in land, expenses incurred on use of material inputs like seeds, fertilizers, manures, irrigations charges, depreciation on implements and farm buildings, interest on working capital, diesel/electricity for operation of pump sets etc., misc. expenses and imputed value of family labour.
*RMS – Rabi Marketing Season

The increase in MSP for Rabi Crops for Marketing Season 2023-24 is in line with the Union Budget 2018-19 announcement of fixing the MSP at a level of at lease 1.5 times of the All-India weighted average Cost of Production, aiming at reasonably fair remuneration for the farmers.  The maximum rate of return is 104 percent for rapeseed & mustard, followed by 100 percent for wheat, 85 per cent for lentil; 66 per cent for gram; 60 per cent for barley; and 50 per cent for safflower.

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