CCEA hikes minimum support price of rabi crops

New Delhi [India], Oct 23 (ANI): The Cabinet Committee on Economic Affairs (CCEA) on Wednesday approved an increase in the minimum support prices (MSP) for all mandated rabi crops of 2019-20 with the MSP of lentil hiked by Rs 325 per quintal, gram by Rs 255 per quintal and of wheat by Rs 85 per quintal.
Briefing reporters after a meeting of the Union Cabinet, Information and Broadcasting Minister Prakash Javadekar said the increase in MSP of crops for rabi marketing season 2020-21 was in line with the principle of fixing the MSPs at least 1.5 times the all India weighted average cost of production (CoP).
The highest increase in MSP has been recommended for lentil with the MSP going up from Rs 4,475 to Rs 4,800 per quintal.
The MSP of safflower has gone up by 270 per quintal, rapeseed and mustard by Rs 225 per quintal and barley by Rs 85 per quintal.
The MSP for wheat has gone up from Rs 1,840 per quintal to Rs 1,925 per quintal. "Wheat farmers will get a return over cost of 109 per cent," the release said.
The return over all India weighted average cost of production is 66 per cent for barley, 74 per cent for gram, 76 per cent for lentil, 90 per cent for rapeseed and mustard and 50 per cent for safflower, added the release.
The release said that in the case of cereals, the FCI and other designated state agencies would continue to provide price support to the farmers.
The state governments will undertake the procurement of coarse grains with the prior approval of the government and would distribute the entire procured quantity under the National Food Security Act.
The release said that the Central government's focus was on income-centric approach towards farmers. (ANI)