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Modi government raises minimum support price on 14 kharif crops despite of country holding surplus rice stocks

Increase in paddy MSP, a key summer-sown crop, was announced by information and broadcasting minister Ashwini Vaishnaw after a cabinet meeting

Our Special Correspondent New Delhi Published 20.06.24, 10:17 AM
Representational image

Representational image File picture

The Modi government on Wednesday raised the minimum support price (MSP) for paddy by 5.35 per cent to 2,300 per quintal (100kg) for the 2024-25 Kharif marketing season, a move that comes despite the country holding surplus rice stocks.

The increase in paddy MSP, a key summer-sown crop, was announced by information and broadcasting minister Ashwini Vaishnaw after a cabinet meeting.

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The decision applies to 14 Kharif crops based on recommendations from the Commission for Agricultural Costs and Prices (CACP).

Analysts said the timing of the MSP hike is significant ahead of elections in key agricultural states such as Haryana, Maharashtra, Jharkhand and Delhi.

The Food Corporation of India (FCI) currently holds a record stockpile of around 53.4 million tonnes of rice, which is four times the buffer needed and sufficient to meet demand under welfare schemes for a year without fresh procurement.

Vaishnaw said the common grade paddy MSP increased by 117 to 2,300 per quintal (100 kg). A grade paddy MSP was set at 2,320 per quintal.

The oilseeds and pulses received the highest absolute MSP increases, with nigerseed up by 983 and tur/arhar by 550 per quintal.

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