Union Cabinet approves MSP for 14 Kharif crops including paddy, ragi, bajra, jowar, maize, and cotton

Vaishnaw provided a detailed breakdown of the MSP for several key crops:

The MSP for paddy has been set at Rs 2,300 per quintal, ensuring that rice farmers receive fair compensation for their yield. The MSP for cotton has been set at Rs 7,121 per quintal for medium staple and Rs 7,521 per quintal for long staple.

The MSP for Bajra (pearl millet) has been established at Rs 2,625 per quintal, offering significant support for millet farmers.

Groundnut oil sees an MSP of Rs 6,783 per quintal, providing a substantial boost to groundnut producers.

Vaishnaw said that the Cabinet's decision regarding Minimum Support Prices (MSP) for Kharif season crops will result in farmers receiving approximately Rs 2 lakh crore. This figure, he said, is an increase of Rs 35,000 crore compared to the previous season.

He emphasized that the first two terms of the Modi government had established a robust foundation for economic growth, and significant decisions would be made in the third term to benefit the people.

He underscored the significance of Prime Minister Narendra Modi's third term, characterizing it as pivotal for advancing continuity with change, particularly through decisions aimed at enhancing farmers' welfare. "The third term of PM Modi is very important as it focuses on continuity with change through many decisions for farmers' welfare," said Vaishnaw.

The increase in MSP for Kharif Crops for Marketing Season 2024-25 is in line with the announcement made in Budget 2018-19 of fixing the minimum support price 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 (77 percent) followed by tur (59 percent), maize (54 percent) and urad (52 percent). For rest of the crops, the margin is estimated to be at 50 percent, the government said in a statement.