Cabinet approves increase in MSP of 14 kharif crops for 2024-25 season

The Union Cabinet chaired by Prime Minister Narendra Modi on Wednesday approved an increase in the minimum support prices (MSP) for all 14 kharif crops for the 2024-25 crop season that runs from July to June.

The increase means farmers will get around ₹2 trillion as MSP – ₹35,000 crore more than what they got in the previous season, Union railways minister Ashwini Vaishnaw said while briefing the media on the cabinet decisions.

“The hike in MSP of kharif crops is in line with the PM Modi’s third term vision of policy continuity to support farmers and boost their income,” Vaishnaw added.

The highest increase came for oilseeds nigerseed and sesamum. The hike was by ₹983 and ₹632 and was fixed at ₹8,717 and at ₹9,267 per quintal, respectively.

Pulses like tur or arhar (pigeon pea) also benefited from a big MSP hike by about ₹550 from last year to stand at ₹7,550 per quintal.

The government aims to achieve self-sufficiency in pulses by 2027.

The MSP of paddy, the main kharif crop, has been raised by ₹117 to ₹2,300 per quintal for ‘common’ grade variety and to ₹2,320 for grade A.