Government Approves Record Increase in Paddy MSP for 2023-24 Crop Year
07-06-2023 : The Government of India has approved a significant hike in the minimum support price (MSP) of paddy and other Kharif crops for the 2023-24 crop year. The Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi, sanctioned the increase in order to incentivize farmers to cultivate more paddy and enhance their income. This move aims to boost agricultural productivity and promote the welfare of farmers across the country.
Food and Consumer Affairs Minister Piyush Goyal highlighted that the current increase in MSP is the highest recorded in recent years. He mentioned that the rise in MSP comes at a favorable time when retail inflation is witnessing a downward trend. The MSP of the common grade variety of paddy has been raised by Rs 143 to Rs 2,183 per quintal, while the ‘A’ grade variety has been increased by Rs 163 to Rs 2,203 per quintal for the upcoming crop year.
Notably, the most notable surge in MSP has been observed in moong, with a remarkable 10.4 percent increase to Rs 8,558 per quintal for the 2023-24 crop year. This rise will serve as an impetus for farmers to cultivate moong and contribute to the overall growth of the agricultural sector.
Paddy holds great significance as a primary Kharif crop, with its sowing typically commencing with the arrival of the southwest monsoon. The India Meteorological Department (IMD) has forecasted a normal monsoon for the June-September period, despite the evolving El Nino conditions. This bodes well for farmers as they prepare to engage in paddy cultivation and take advantage of the increased MSP.
While the monsoon’s onset in Kerala has been delayed beyond the expected date of June 1, the government’s decision to raise the MSP for paddy and other Kharif crops demonstrates its commitment to supporting farmers and strengthening the agricultural sector. The move is expected to encourage farmers to expand their cultivation of paddy and other crops, leading to improved productivity and increased incomes in the farming community.
