Centre raises minimum support price for wheat by ₹110, barley by ₹100

The Narendra Modi government on Tuesday approved minimum support prices of six Rabi crops for marketing season 2023-24.

Union minister Anurag Thakur announced that the MSP of wheat was increased by ₹110, barley by ₹100, gram by ₹105, lentil or masur by ₹500, Rapeseed & Mustard by ₹400 rupees and Safflower by ₹209 during the meeting of the Cabinet Committee on Economic Affairs chaired by Prime Minister Narendra Modi.

The minumum support price is the rate at which the government buys grains from the farmers. At present, the government fixes MSPs for 23 Kharif and Rabi crops. Sowing of rabi (winter) crops begins in October, immediately after the harvest of kharif (summer) crops. Wheat and mustard are major rabi crops.

“The increase in MSP for Rabi Crops for Marketing Season 2023-24 is in line with the Union Budget 2018-19 announcement of fixing the MSP at a level of at lease 1.5 times of the All-India weighted average Cost of Production, aiming at reasonably fair remuneration for the farmers”, the government said in a statement.

“The Government’s priority is on increasing production of oilseeds and pulses and thus fulfilling the objective of Atmanirbhar Bharat. The formulated strategies are to increase production through area expansion, productivity through High Yielding Varieties (HYVs), MSP support and procurement”, the official statement added.