India increases subsidies for oilseed production

Published 2023년 11월 20일

Tridge summary

The Indian government approved an increase in the minimum support price (MSP) for Rabi oilseed crops in an effort to boost farmers' incomes and crop diversification. The Ministry of Agriculture and Farmers Welfare released final crop production estimates for 2022/23, which showed higher production of oilseeds than previously estimated. Additionally, India signed a memorandum of understanding with Brazil's oilseed industry to encourage collaboration and maximize crop yields.

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Original content

On October 18, 2023, the Cabinet Committee on Economic Affairs (CCEA) in India approved an increase in the minimum support price (MSP) for Rabi oilseed crops for the marketing year 2024-25. The move is aimed at boosting farmers’ incomes and crop diversification ahead of the 2024 parliamentary elections. The Ministry of Agriculture and Farmers Welfare has also released final crop production estimates for 2022/23, including oilseeds. The new MSP will be effective from October to March and includes wheat, barley, gram, lentil, rapeseed-mustard, and safflower. The MSP for rapeseed-mustard increased by 3.6 percent from INR 5450/quintal (USD 66.4/quintal) to INR 5650/quintal (USD 68.9/quintal). The MSP for safflower increased by 2.6 percent from INR 5650/quintal (USD 68.9/quintal) to INR 5800/quintal (USD 70.7/quintal). The MSP hike for rapeseed-mustard jumped by 98 percent and 52 percent for safflower. This is by the 2018/19 budget by the Indian government, where the MSPs for Kharif ...

Source: UkrAgroConsult