On 19 June 2024, the Union Cabinet authorised a hike in the minimum support price (MSP) for 14 Kharif crops, including paddy, ragi, bajra, jowar, maize, and cotton. The move would cost the government Rs 2 lakh crore, but farmers will benefit by Rs 35,000 crore over the previous season.
Addressing the media following the Cabinet meeting, Information and Broadcasting Minister Ashwini Vaishnaw emphasised the importance of Prime Minister Narendra Modi's third term, which he claimed combines continuity with change via several measures aimed at farmers' welfare.
'The Cabinet has approved the Minimum Support Price (MSP) for 14 Kharif season crops, which include paddy, ragi, bajra, jowar, maize, and cotton. With today's decision, farmers would receive around Rs 2 lakh crore in MSP, which is Rs 35,000 crore higher than the previous season,' Vaishnaw added.
He said that the government is dedicated to paying farmers a price that is 50% greater than the input cost and that the decisions made are consistent with that goal. Oilseeds and pulses are advised to have the biggest absolute rise in MSP over the previous year.
Reflecting the government's commitment to farmer welfare, Prime Minister Narendra Modi signed his first file after being sworn in for his third term, authorising the disbursement of the 17th tranche of the PM Kisan Nidhi scheme.
During a ceremony in Varanasi on Tuesday, PM Modi delivered the 17th tranche of over Rs 20,000 crore to approximately 9.26 lakh beneficiary farmers under the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) via Direct Benefit Transfer.
The Cabinet's decision to increase the MSP for Kharif crops is likely to significantly enhance farmers' incomes and reinforce the government's efforts to promote agricultural growth and prosperity.
The MSP for 'common' grade paddy has been increased by Rs 117 to Rs 2,300 per quintal, while the 'A' grade variety has been increased to Rs 2,320 per quintal for the forthcoming Kharif season, Vaishnaw informed reporters.
The biggest absolute rise in MSP over the previous year has been suggested for oilseeds and pulses, namely nigerseed (Rs.983 per quintal), sesamum (Rs.632 per quintal), and tur/arhar (Rs.550 per quintal).
After being sworn in for the third time, Prime Minister Narendra Modi signed his first file authorising the distribution of the 17th instalment of PM Kisan Nidhi, demonstrating the government's commitment to farmer welfare.
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