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Soybean MSP hiked by Rs 292; Government announces MSP for Kharif crops in 2024-25

20 June 2024, New Delhi: In a move to ensure remunerative prices for farmers, the Union Cabinet chaired by Prime Minister Narendra Modi has approved the increase in Minimum Support Prices (MSP) for all mandated Kharif Crops for the Marketing Season 2024-25.

Highest Increase in Niger

The highest absolute increase in MSP has been recommended for oilseeds and pulses, with nigerseed seeing a rise of Rs.983 per quintal, followed by sesamum (Rs.632 per quintal) and tur/arhar (Rs.550 per quintal). MSP for Soybean has been increased by Rs.292 to make it Rs.4892 which is an increase of 6% over last year price of Rs.4600.

The MSP for paddy (common) has been increased by Rs.117 per quintal, while for paddy (Grade A) the increase is also Rs.117 per quintal. For other cereals, the increases range from Rs.125 for bajra to Rs.444 for ragi.

59% Profit in Pulses

In the case of pulses, the MSP for moong has been raised by Rs.124 per quintal, urad by Rs.450 per quintal, and tur/arhar by Rs.550 per quintal.

For oilseeds, the MSP of groundnut has been increased by Rs.406 per quintal, sunflower seed by Rs.520 per quintal, soybean (yellow) by Rs.292 per quintal, sesamum by Rs.632 per quintal, and nigerseed by Rs.983 per quintal.

The MSP for medium staple cotton has been increased by Rs.501 per quintal, while for long staple cotton the increase is also Rs.501 per quintal.

“The increase in MSP is 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 government statement said.

The expected margin to farmers over their cost of production is estimated to be highest in the case of bajra at 77%, followed by tur at 59%, maize at 54%, and urad at 52%. For the rest of the crops, the margin to farmers over their cost of production is estimated to be at 50%.

The government has been promoting the cultivation of crops other than cereals, such as pulses and oilseeds, as well as nutri-cereals/Shree Anna, by offering higher MSPs for these crops.

Minimum Support Prices of Kharif Crops in 2024 

CropsMSP 2024-25MSP 2023-24MSP Increase in 2024-25 over 2023-24Increase over last year
Paddy (Common)230021831175%
Grade A^232022031175%
Jowar (Hybrid)337131801916%
Tur /Arhar755070005508%
Sunflower Seed728067605208%
Soybean (Yellow)489246002926%
Cotton (Medium Staple)712166205018%
Cotton (Long Stapler752170205017%

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