On Diwali, Indian government has given double good news to the farmers, one has released the 12th installment of PM Kisan Maandhan Yojana and secondly, the MSP of wheat has been increased by Rs 110 and mustard by Rs 400 per quintal.
Government of India on Tuesday decided to increase the minimum support price (MSP) of wheat by Rs 110 to Rs 2,125 per quintal for the current marketing year.
Mustard SMP increased by Rs 400 to Rs 5,450 per quintal
Along with this, the MSP of mustard has been increased by Rs 400 to Rs 5,450 per quintal. The decision was taken to boost the production and income of the farmers, a statement said.
The decision to increase the MSP was taken in a meeting of the Cabinet Committee on Economic Affairs (CCEA) chaired by Prime Minister Narendra Modi. MSP is the rate at which the government buys agricultural produce from farmers.
At present, the government fixes MSP for 23 crops grown in both Kharif and Rabi seasons. Sowing of Rabi (winter) crops begins in October, after harvesting of Kharif (summer) crops. Wheat and mustard are the main Rabi crops.
According to an official release, CCEA has approved the increase in MSP for six rabi crops in the crop year 2022-23 (July-June) and marketing season 2023-24.
The MSP of wheat for the crop year 2022-23 has been increased by Rs 110 to Rs 2,125 per quintal from Rs 2,015 per quintal in the crop year 2021-22. The production cost of wheat is estimated at Rs 1,065 per quintal, the statement said
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