Government Increases MSP for Kharif Crops, Boosting Farmer Welfare

The Indian government has decided to increase the Minimum Support Price (MSP) for various kharif crops, aiming to uplift farmers and boost domestic crop production. Prices for paddy, pulses, and oilseeds have seen a notable rise, with oilseeds witnessing up to a 9% increase.

This decision, announced on Wednesday by the Cabinet Committee on Economic Affairs chaired by Prime Minister Narendra Modi, comes as the southwest monsoon arrives earlier than expected, supporting timely sowing activities. The move is in alignment with the 2018-19 Union Budget's goal to set MSP at 1.5 times the production cost.

Key highlights include a rise in MSP for major crops like paddy, maize, and cotton. Such increases are designed not only to stabilize farmer incomes but also to reduce import dependency by encouraging local cultivation of pulses, oilseeds, and nutri-cereals. Farmers can expect significant profit margins, with crops like bajra and maize leading gains.

(With inputs from agencies.)