Cabinet approves Minimum Support Prices (MSP) for Kharif Crops for Marketing Season 2023-24

The Cabinet Committee on Economic Affairs (CCEA) chaired by the Hon’ble Prime Minister Shri Narendra Modi has approved the increase in the Minimum Support Prices (MSP) for all mandated Kharif Crops for Marketing Season 2023-24.

Minimum Support Prices (MSP) for Kharif Crops for Marketing Season 2023-24

• Announced on June 07, 2023
• Approved by The Cabinet Committee on Economic Affairs (CCEA)
• MSP for paddy (common) fixed at Rs. 2,183 per quintal (7% higher)
• Highest absolute increase- for Sesamum (sesame seed) (Rs. 805 per quintal)
  
• In percentage terms highest hike– for Moong (10.35%)
  
• The increase in MSP for Kharif 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,
  
• The expected margin to farmers over their cost of production are estimated to be highest in case of Bajra (82%) followed by Tur (58%), Soybean (52%) and Urad (51%). For rest of the crops, margin to farmers over their cost of production is estimated to be at least 50%.
• As per Third Advance Estimates for 2022-23, total Foodgrain production in the country is estimated at record 330.5 million tonnes which is higher by 14.9 million tonnes as compared to the previous year 2021-22. This is the highest increase in the last 5 year.