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Cabinet approves proposal to raise minimum support price for kharif crops

The Union Cabinet has today approved the Minimum Support Price (MSP) for Kharif crops, just ahead of the 2019 general elections. The move is to help the distressed farmers.

The move is in line with the government’s announcement in the Union Budget of increasing MSP by 1.5 times of the production cost for Kharif crops.

The additional bill for the Centre with the increased MSP is likely to be around Rs 33,500 crore. The added cost of MSP is 0.2 percent of GDP, according to the cabinet note.

 MSP for paddy, which was Rs 1,550 per quintal, has been hiked by around Rs 250/quintal.
While MSP for ragi will be increased to Rs 2,897 from Rs 1,900/quintal, moong is likely to be increased to Rs 6,975 from Rs 5,575/quintal; soyabean to Rs 3,399 from Rs 3,050/quintal.