Cabinet approves increase in MSP for Kharif crops: Current Affairs Special Series

Team Adda247 and BankersAdda are here with a Current Affairs Special Series. In this series, candidates will be introduced to current affairs topics daily, which will not only improve their general awareness but also will ensure that the candidates do not lack in any current affairs topic. Today’s Current Affairs topic is Cabinet approves increase in MSP for Kharif Crops.

Cabinet approves increase in MSP for Kharif crops

The Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi has approved an increase in the Minimum Support Price for all mandated Kharif crops for marketing season 2021-22.

Prime Minister Narendra Modi has said that the Union Cabinet has approved an increase in the Minimum Support Price (MSP) for Kharif crops in the interest of the farmers. He also said that the increase in the MSP of many crops will increase the income of farmers which will lead to improving their standard of living. Agriculture Minister Narendra Singh Tomar said the government has increased the MSP of Kharif crops to ensure gainful prices to the growers for their produce. 

The expected returns to farmers over their cost of production are estimated to be highest in the case of Bajra which is 85%, in urad (dal) 65%, and in tur (dal) 62%. The rest of the crops return to farmers over their cost of production has been estimated to be at least 50%. 

The highest increase in MSP against the previous year has been recommended for sesamum which is 452 rupees per quintal followed by tur and urad 300 rupees per quintal each. In groundnut, there has been seen an increase of 275 rupees per quintal and for nigerseed, an increase of 235 rupees per quintal in comparison to last year.

The increase in MSP for Kharif Crops for marketing season 2021-22 is in line with the Union Budget 2018-19 statement of fixing the MSPs at a level of at least 1.5 times the All-India weighted average Cost of Production, targeting at reasonably fair remuneration for the farmers.