The Cabinet Committee on Economic Affairs chaired by Prime Minister Narendra Modi has given its approval for the Minimum Support Prices (MSP) for copra for the 2022 season.
With 2.46 per cent increase, the MSP for fair average quality (FAQ) of milling copra has been increased to Rs10,590 per quintal for 2022 season from Rs.10,335 per quintal in 2021. With a 3.77 per cent hike, the MSP for ball copra has been increased to Rs.11,000 per quintal for 2022 season from Rs.10,600 per quintal in 2021. This, according to the Government of India, is to ensure a return of 51.85 per cent for milling copra and 57.73 per cent for ball copra over the all India weighted average cost of production. According to the Government, the increase in MSP for copra for 2022 season is in line with the principle of fixing the MSP at a level of at least 1.5 times the all India weighted average cost of production as announced by the Government in the Budget 2018-19.
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The decision is based on recommendations of the Commission for Agricultural Costs and Prices (CACP). It assures a minimum of 50 per cent as margin of profit as one of the important and progressive steps towards making possible doubling of farmers’ incomes by 2022, the Government statement has said.
The National Agricultural Cooperative Marketing Federation of India (NAFED) and National Cooperative Consumer Federation of India (NDDF) will continue to act as Central nodal agencies to undertake price support operations at the MSP in the coconut growing states.