Cabinet approves MSP for 14 Kharif crops, farmers to gain Rs 35,000 cr more

The government on Wednesday raised the minimum support price (MSP) for paddy by 5.35 per cent to Rs 2,300 per quintal for the 2024-25 kharif marketing season.

The hike in paddy support price comes despite the government sitting on surplus rice stocks, but it is significant ahead of elections in states like Haryana, Maharashtra, Jharkhand, and Delhi.

Announcing the MSP increase, Information and Broadcasting Minister Ashwini Vaishnaw said the cabinet has approved the minimum support prices for 14 kharif (summer) crops based on recommendations from the Commission for Agricultural Costs and Prices (CACP).

The MSP for 'common' grade paddy has been raised Rs 117 to Rs 2,300 per quintal, while for the 'A' grade variety it has been hiked to Rs 2,320 per quintal for the upcoming kharif season, Vaishnaw told reporters.

This is the first cabinet decision taken in Prime Minister Narendra Modi's third term in office, the minister said.

Vaishnaw said the government had a clear policy decision t