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The Cabinet Committee on Economic Affairs, chaired by the Hon’ble Prime Minister Shri Narendra Modi, has approved the increase in the Minimum Support Prices (MSP) on October 18, 2023 for all mandated Rabi Crops for Marketing Season 2024-25.
Government has increased the MSP of Rabi Crops for Marketing Season 2024-25, to ensure remunerative prices to the growers for their produce. The absolute highest increase in MSP has been approved for lentil (masur) at Rs.425 per quintal followed by rapeseed & mustard at Rs.200 per quintal. For wheat and safflower, an increase of Rs.150 per quintal each has been approved. For barley and gram an increase of Rs.115 per quintal and Rs.105 per quintal respectively, has been approved.
The increase in MSP for mandated Rabi Crops for Marketing Season 2024-25 is in line with the Union Budget 2018-19 announcement of fixing the MSP at a level of at least 1.5 times of the All-India weighted average Cost of Production. The expected margin over All-India weighted average Cost of Production is 102 percent for wheat, followed by 98 percent for rapeseed & mustard; 89 percent for lentil; 60 percent for gram; 60 percent for barley; and 52 percent for safflower. This increased MSP of rabi crops will ensure remunerative prices to the farmers and incentivise crop diversification.
Moreover, to extend the benefits of the Kisan Credit Card (KCC) Scheme to every farmer across the nation, Government has launched the Kisan Rin Portal (KRP), KCC Ghar Ghar Abhiyaan, and Weather Information Network Data Systems (WINDS) with the aim to provide timely and accurate weather information to empower farmers in making timely decisions regarding their crops. These initiatives aim to revolutionize agriculture, enhance financial inclusion, optimize data utilization, and improve the lives of farmers across the nation.