Indian government raises minimum support prices (MSPs) for 14 kharif crops, including paddy, to support farmers and boost cultivation of pulses and oilseeds.

The Indian government has raised the minimum support prices (MSPs) for 14 kharif (summer-sown) crops, including paddy, to support farmers. These MSPs act as benchmark prices for government purchases of farm produce and are set at a minimum of 1.5 times the cost of production to ensure farmers receive 50% returns. The increase in MSPs for pulses and oilseeds is aimed at boosting their cultivation, as India still relies on imports of these items to meet domestic demand. The decision to raise MSPs has significant political weight ahead of elections in states including Haryana, Maharashtra, Jharkhand, and Delhi.

June 19, 2024
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