The Cabinet Committee on Economic Affairs has approved the increase in the Minimum Support Prices (MSP) for all mandated Rabi Crops for Marketing Season 2023-24 with Rs 110 per quintal (5.46 per cent) increase for the wheat crop.
Key points
- The Cabinet hiked wheat MSP from Rs. 2,015 to Rs.2,125 a quintal (100 kg).
- The absolute highest increase in MSP has been approved for lentil (Masur) at Rs.500/– per quintal followed by rapeseed and mustard at Rs.400/- per quintal.
- The MSP for other rabi crops — barley, gram, lentil (masur), rapeseed & mustard, and safflower — has been increased in the range of 2.01 per cent to 9.09 per cent.
- The highest increase in the MSP has been approved for lentil (masur) at Rs 500 per quintal, followed by rapeseed and mustard (Rs 400 per quintal), safflower (Rs 209 per quintal), gram (Rs 105 per quintal), and barley (Rs 100 per quintal).
- The increase in the wheat MSP is higher in both absolute and percentage terms compared to last year.
- In 2021, the government hiked the wheat MSP by Rs 40 per quintal (2.03 per cent). In absolute terms, a hike of Rs 110 per quintal in the MSP of wheat is the highest since 2017-18, when an equal hike was made — from Rs 1,625 to Rs 1,735.
