08 June 2023, New Delhi: The Union Cabinet has approved the increase in the Minimum Support Prices (MSP) for all mandated Kharif Crops for Marketing Season 2023-24.
The government has increased the MSP of Kharif Crops for Marketing Season 2023-24, to ensure remunerative prices to the growers for their produce and to encourage crop diversification, as provided in the table below:
Minimum Support Prices for Kharif Marketing Season (KMS) 2023-24
|Crops||MSP 2022-23||MSP 2023-24||Increase in MSP over 2022-23||% Increase|
|Cotton (Medium Staple)||6080||6620||540||9%|
|Cotton (Long Staple) ^||6380||7020||640||10%|
The expected margin to farmers over their cost of production is estimated to be highest in the case of bajra (82%) followed by tur (58%), soybean (52%), and urad (51%). For the rest of the crops, the margin to farmers over their cost of production is estimated to be at least 50%.
The central government has been promoting the cultivation of crops, other than cereals such as pulses, oilseeds, and Nutri-cereals/ Shree Anna, by offering a higher MSP for these crops.
(For Latest Agriculture News & Updates, follow Krishak Jagat on Google News)