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Government Approves MSP Increase for Rabi Crops in 2024-25

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The Cabinet Committee on Economic Affairs, chaired by Prime Minister Shri Narendra Modi, has given the green light for an increase in the Minimum Support Prices (MSP) for all mandated Rabi crops for the Marketing Season 2024-25. This decision underscores the government’s commitment to providing fair prices to farmers and encouraging crop diversification.

Boosting Remunerative Prices

The MSP hike for Rabi Crops in Marketing Season 2024-25 is a crucial step in enhancing the income of farmers. The highest absolute increase in MSP, amounting to Rs. 425 per quintal, has been approved for lentils (Masur), followed by rapeseed & mustard at Rs. 200 per quintal. Wheat and safflower will witness an increase of Rs. 150 per quintal each, while barley and gram will see an increase of Rs. 115 and Rs. 105 per quintal, respectively.

These increases in MSP are in alignment with the Union Budget 2018-19 announcement, which aimed to set MSP at a level of at least 1.5 times the All-India weighted average Cost of Production. The expected margin over the cost of production is 102 percent for wheat, 98 percent for rapeseed & mustard, 89 percent for lentils, 60 percent for gram, 60 percent for barley, and 52 percent for safflower. This elevated MSP for Rabi crops will not only ensure that farmers receive remunerative prices but also serve as an incentive for crop diversification.

Here’s a table detailing the Minimum Support Prices (MSP) for all Rabi crops for the Marketing Season 2024-25:

S.NoCropsMSP RMS 2014-15MSP RMS 2023-24MSP RMS 2024-25Cost* of production RMS 2024-25Increase in MSP (Absolute)Margin over cost (in per cent)
4Lentil (Masur)295060006425340542589
5Rapeseed & Mustard305054505650285520098

These prices reflect the Minimum Support Prices (MSP) per quintal for the specified crops in the Marketing Season 2024-25. The table also includes the MSP for the previous years, the cost of production for the current season, the absolute increase in MSP, and the margin over the cost in percentage terms.

Promoting Crop Diversification

The government is actively encouraging crop diversification towards oilseeds, pulses, and millets to bolster food security, boost farmers’ income, and reduce reliance on imports. In addition to the Price Policy, various initiatives have been undertaken to achieve these goals. The National Food Security Mission (NFSM), Pradhan Mantri Krishi Sinchayee Yojana (PMKSY), and the National Mission on Oilseeds and Oil Palm (NMOOP) are some of these initiatives. They aim to provide financial support and quality seeds to encourage the cultivation of oilseeds and pulses.

Moreover, the government has initiated programs such as the Kisan Credit Card (KCC) Scheme to extend the benefits to farmers across the nation. The Kisan Rin Portal (KRP), KCC Ghar Ghar Abhiyaan, and Weather Information Network Data Systems (WINDS) have been launched to provide timely and accurate weather information. These measures are set to revolutionize agriculture, enhance financial inclusion, optimize data utilization, and improve the livelihoods of farmers across the country.

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