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Govt raises MSP for Kharif crops

Cabinet approves Rs143 hike in paddy MSP to Rs2,183/qtl for 2023-24; Highest increase in moong price at Rs8,558/qtl; The hike for commodities is up to 10%

Govt raises MSP for Kharif crops
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New Delhi The government on Wednesday hiked the minimum support price (MSP) of paddy by Rs143 to Rs2,183 per quintal for the 2023-24 crop year (July-June) in order to encourage farmers to bring more area under the crop and boost their income.

The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi, approved the increase in MSP for all mandated Kharif (summer) crops for the 2023-24 crop year. Farmers will benefit from the increase in the MSP at a time when the retail inflation is on a declining trend, he added.

Goyal said the MSP of common grade variety of paddy has been increased by Rs143 to Rs2,183 per quintal for the 2023-24 crop year, from Rs2,040 in the previous year. The support price of ‘A’ grade variety of paddy has been hiked by Rs163 to Rs2,203 per quintal from Rs2,060, he said.

Highest increase in MSP was in moong by 10.4 per cent at Rs 8,558 per quintal for 2023-23 crop year, as against Rs7,755 per quintal in the previous year.

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