Government Grants Increased Minimum Support Price (MSP) for Kharif Crops in the Marketing Season 2023-24

In a significant development, the Union Cabinet, in its latest meeting, has given the green light to an enhanced Minimum Support Price (MSP) for Kharif crops during the marketing season of 2023-24. The primary objective behind this decision, as stated by Union Minister Piyush Goyal, is to ensure that farmers receive remunerative prices for their produce while encouraging crop diversification.

Under the newly approved MSP, paddy rates have been raised by Rs 143 per quintal, reaching Rs 2,183 per quintal for the upcoming marketing season. Notably, moong MSP witnessed the highest surge, with an increase of Rs 8,558 per quintal. This move by the government aims to empower farmers and provide them with a fair income for their efforts.

Furthermore, the Union Cabinet recently gave its nod to a groundbreaking initiative worth Rs 1 lakh crore. This program aims to establish the largest storage capacity for grains in the cooperative sector globally. The initiative’s primary objectives are to mitigate crop losses, prevent distress sales by farmers, and strengthen the country’s overall food security.

The government’s commitment to bolstering the agricultural sector and ensuring the welfare of farmers is evident through these crucial decisions. By implementing measures such as increasing MSP and investing in grain storage infrastructure, the government seeks to uplift the farming community, enhance productivity, and secure the nation’s food supply chain.