India: CCEA approves increase in minimum support prices for oilseeds

Published 2023년 11월 20일

Tridge summary

The Cabinet Committee on Economic Affairs approved an increase in the minimum support price (MSP) for Rabi oilseeds for the marketing year 2024-25. This increase includes crops such as wheat, barley, cereals, lentils, rapeseed mustard, and safflower, and will be valid from October to March. The government aims to improve food self-sufficiency and increase farmers' income by encouraging crop diversification towards oilseeds, pulses, and millets, and the MSP will guarantee farmers better prices and increased yields.

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Original content

1. On 18 October 2023, the Cabinet Committee on Economic Affairs (CCEA) approved an increase in the minimum support price (MSP) for Rabi oilseeds for the marketing year 2024-25. Additionally, the Department of Agriculture and Farmers' Welfare released final crop production estimates for 2022/23, including oilseed production estimates, *USDA reported. 2. On October 18, 2023, the Cabinet Committee on Economics increased the minimum support price (MSP) for Rabi1 crops in 2024-2025, including wheat, barley, cereals, lentils, rapeseed mustard and safflower. The new MSP will be valid from October to March. 3. The average price of rapeseed and mustard increased by 3.6 percent from INR 5,450/quintal ($66.4/quintal) to INR 5,650/quintal ($68.9/quintal). The average price for safflower increased by 2.6 percent from INR 5,650 per quintal ($68.9 per quintal) to INR 5,800 per quintal ($70.7 per quintal). The MSP increase for canola and mustard jumped 98 percent and for safflower 52 percent. ...

Source: Oilworld