The Cabinet Committee on Economic Affairs (CCEA) chaired by Prime Minister Narendra Modi has approved the increase in the Minimum Support Prices (MSP) for all mandated Rabi Crops for Marketing Season 2023-24.
The government has increased the MSP of Rabi Crops for Marketing Season 2023-24, to ensure remunerative prices to the farmers for their produce. The absolute highest increase in MSP has been approved for lentil (masoor) at Rs.500 per quintal followed by rapeseed and mustard at Rs.400 per quintal. For safflower, an increase of Rs.209 per quintal has been approved. For wheat, gram and barley an increase of Rs.110 per quintal, Rs.100 per quintal respectively has been approved.
MSP for all Rabi Crops for Marketing Season 2023-24 (Rs. Per quintal)
| Crops | MSP
RMS 2022-23 |
MSP
RMS 2023-24 |
Cost* of production RMS 2023-24 | Increase in MSP (Absolute) | Return over cost (in per cent) |
| Wheat | 2015 | 2125 | 1065 | 110 | 100 |
| Barley | 1635 | 1735 | 1082 | 100 | 60 |
| Gram | 5230 | 5335 | 3206 | 105 | 66 |
| Lentil (Masoor) | 5500 | 6000 | 3239 | 500 | 85 |
| Rapeseed & Mustard | 5050 | 5450 | 2670 | 400 | 104 |
| Safflower | 5441 | 5650 | 3765 | 209 | 50 |
*Cost of production refers to the cost which includes all paid-out costs such as those incurred on account of hired human labour, bullock labour, machine labour, rent paid for lease in the land, expenses incurred on use of material inputs like seeds, fertilisers, manures, irrigations charges, depreciation on implements and farm buildings, interest on working capital, diesel/electricity for the operation of pump sets, miscellaneous expenses and imputed value of family labour.
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The increase in Minimum Support Prices (MSP for Rabi Crops for Marketing Season 2023-24 is in line with the Union Budget 2018-19 announcement of fixing the MSP at a level of at least 1.5 times of the all-India weighted average cost of production, aiming at reasonably fair remuneration for the farmers. The maximum rate of return is 104 per cent for rapeseed and mustard, followed by 100 per cent for wheat, 85 per cent for lentil; 66 per cent for gram; 60 per cent for barley; and 50 per cent for safflower, the Government of India said in a statement today.
