New Delhi, June 07 : The Indian government has announced a substantial increase in the minimum support price (MSP) for paddy, raising it by Rs 143 to Rs 2,183 per quintal for the 2023-24 crop year. The Cabinet Committee on Economic Affairs, led by Prime Minister Narendra Modi, approved the MSP hike for all mandated Kharif crops for the upcoming crop year. This move aims to incentivize farmers to expand paddy cultivation and enhance their income.
Speaking to the media, Food and Consumer Affairs Minister Piyush Goyal highlighted that this year’s increase in MSP is the highest compared to previous years, benefiting farmers during a period of declining retail inflation. The MSP for the common grade variety of paddy has risen by Rs 143 to reach Rs 2,183 per quintal, while the ‘A’ grade variety will now be priced at Rs 2,203 per quintal after a hike of Rs 163.
Of note, the highest percentage increase in MSP was seen in moong, with a significant 10.4% rise to Rs 8,558 per quintal for the 2023-24 crop year, compared to Rs 7,755 per quintal in the previous year.
Paddy is a major Kharif crop, typically sown at the onset of the southwest monsoon. Despite the delayed onset of monsoon in Kerala, the India Meteorological Department (IMD) has forecasted a normal monsoon for the June-September period, despite evolving El Nino conditions.
