The central government of India increases minimum support price of Kharif crops; paddy prices at Rs 2,183 per quintal

The central government June 7, 2023 announced an increase in the minimum support price (MSP) of Kharif crops for the marketing season 2023-24. Paddy prices were hiked to Rs 2,183 per quintal for this year, an increase of Rs 143. The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi, approved the MSP of all mandated Kharif crops grown in the 2023-24 crop year and procured in Kharif marketing season (October-September). As per Third Advance Estimates for 2022-23, total foodgrain production in the country is estimated at record 330.5 million tonnes, said a release by the Press Information Bureau. The production is higher by 14.9 million tonnes as compared to 2021-22. This is the highest increase in the last five years, it added. The expected margin to farmers over their cost of production is at least 50 per cent or higher, the Centre said. The margin is estimated to be highest in the case of pearl millet or bajra (82 per cent) followed by pigeon ...