New Delhi: The Modi government has announced a significant increase in the minimum support price (MSP) of paddy, providing a big boost to farmers across the country. The Union Cabinet, chaired by Prime Minister Narendra Modi, decided to increase the MSP of paddy by Rs 143 to Rs 2,183 per quintal for the 2023-24 crop year (July-June). This move is aimed at encouraging farmers to cultivate paddy and enhance their income.

Key Highlights:

– The Cabinet Committee on Economic Affairs (CCEA) meeting chaired by Prime Minister Modi on Wednesday approved the increase in the minimum support price of all Kharif crops for the 2023-24 crop year.
– Food and Consumer Affairs Minister Piyush Goyal said that the MSP is fixed in a time-bound manner based on the recommendations of the Commission for Agricultural Costs and Prices (CACP).
– The MSP of common grade paddy has been increased by Rs 143 from Rs 2,040 to Rs 2,183 per quintal, while the MSP of ‘A’ grade paddy has been raised by Rs 163 to Rs 2,203 per quintal.
– The maximum increase of 10.4 percent in the minimum support price has been made in moong. The MSP of moong has now gone up to Rs 8,558 per quintal from Rs 7,755 per quintal last year.
– Union Minister Piyush Goyal said that farmers will benefit from the increase in MSP, especially when retail inflation is coming down.
– According to the Indian Meteorological Department, the monsoon is expected to be normal during June-September this year, which is good news for farmers as paddy is the main Kharif crop.

The Modi government’s decision to increase the minimum support price of paddy and other Kharif crops will provide much-needed relief to farmers, who have been struggling with low prices for their produce. This move is expected to encourage farmers to cultivate more crops and increase their income, which will ultimately lead to the overall growth of the agriculture sector in the country. With the monsoon expected to be normal this year, the government’s decision is likely to have a positive impact on the farming community.

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