The authorities on Tuesday hiked the minimal assist value for wheat by Rs 110 to Rs 2,125 per quintal and mustard by Rs 400 to Rs 5,450 per quintal for the present crop 12 months with an intention to spice up manufacturing and revenue of the farmers.
The determination to extend the MSPs (minimal assist costs) was taken at a gathering of the Cabinet Committee on Economic Affairs (CCEA) chaired by Prime Minister Narendra Modi.
MSP is the speed at which the federal government buys grain from farmers. Currently, the federal government fixes MSPs for 23 crops grown in each Kharif and rabi seasons.
Sowing of rabi (winter) crops begins in October, instantly after the harvest of kharif (summer season) crops. Wheat and mustard are main rabi crops.
According to an official launch, the CCEA has accepted a rise in MSPs for six rabi crops for the 2022-23 crop 12 months (July-June) and the 2023-24 advertising season.
Wheat MSP has been elevated by Rs 110 to Rs 2,125 per quintal for this crop 12 months from Rs 2,015 per quintal within the 2021-22 crop 12 months.
The price of manufacturing of wheat is estimated at Rs 1,065 per quintal, the discharge mentioned.
