The Union Cabinet, on Wednesday, approved the increase in the minimum support price (MSP) for Kharif crops for marketing season 2024-25.
“With today’s decision, the farmers will get around Rs 2 lakh crores as MSP. This is Rs 35,000 crore more than the previous year,” Information & Broadcasting Minister Ashwini Vaishnaw told at a media briefing on Cabinet decisions on Wednesday in New Delhi.
He further said that the Cabinet has approved MSP on 14 Kharif season crops including paddy, ragi, bajra, jowar, maize and cotton.
MSP of the most popular Kharif crop, paddy, is increased by Rs 117 per quintal — from Rs 2,183 per quintal in 2023-24 to Rs 2,300 in 2024-25, the minister said.
The highest absolute increase in MSP over the previous year has been recommended for oilseeds and pulses viz. nigerseed (Rs 983 per quintal) followed by sesamum (Rs 632 per quintal) and tur/arhar (Rs 550 per quintal).
“The Government has increased the MSP of Kharif Crops for Marketing Season 2024-25, to ensure remunerative prices to the growers for their produce,” the Modi Cabinet said.
Vaishnaw said, “The third term of Prime Minister Narendra Modi is very important as it focuses on continuity with change through many decisions for farmers’ welfare.”
He further said that the two terms of the Modi government had laid a strong base of economic growth and significant decisions would be taken in the third term for the benefit of people.
The Union Minister also said that the government is committed to providing price to farmers at 50 per cent more than the input cost and the decisions were aligned to that objective.
After taking oath as the Prime Minister for the third consecutive time, Modi signed his first file authorising the release of the 17th installment of PM Kisan Nidhi reflecting the commitment of the government towards farmer welfare.
On Tuesday, PM Modi addressed an event in Varanasi where he released the 17th installment amounting to more than Rs 20,000 crores to around 9.26 crore beneficiary farmers under the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) through Direct Benefit Transfer.
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