Cabinet approves Minimum Support Prices for rabi crops in 2024-25

Department of Agriculture, Cooperation and Farmers Welfare, Government of India takes several measures to facilitate farmers and farming activities
Department of Agriculture, Cooperation and Farmers Welfare, Government of India takes several measures to facilitate farmers and farming activities

The Cabinet Committee on Economic Affairs, chaired by Prime Minister Shri Narendra Modi, has approved increased Minimum Support Prices (MSP) for mandated Rabi Crops in the 2024-25 Marketing Season.

The highest MSP raise is for lentils (masur) at Rs. 425 per quintal, followed by rapeseed & mustard at Rs. 200 per quintal, wheat, and safflower at Rs. 150 per quintal, and barley and gram at Rs. 115 and Rs. 105 per quintal, respectively. The decision aims to ensure profitable returns for crop producers.

Minimum Support Prices for all Rabi crops for Marketing Season 2024-25

(Rs.per quintal)

S.No Crops MSP RMS

2014-15

MSP RMS 2023-24 MSP RMS 2024-25 Cost* of production RMS 2024-25 Increase in MSP (Absolute) Margin over cost (in per cent)
1 Wheat 1400 2125 2275 1128 150 102
2 Barley 1100 1735 1850 1158 115 60
3 Gram 3100 5335 5440 3400 105 60
4 Lentil

(Masur)

2950 6000 6425 3405 425 89
5 Rapeseed

& Mustard

3050 5450 5650 2855 200 98
6 Safflower 3000 5650 5800 3807 150 52

*Refers to cost which includes all paid out costs such as those incurred on account of hired human labour, bullock labour/machine labour, rent paid for leased in land, expenses incurred on use of material inputs like seeds, fertilizers, manures, irrigation charges, depreciation on implements and farm buildings, interest on working capital, diesel/electricity for operation of pump sets etc., miscellaneous expenses and imputed value of family labour.

The increase in MSP for mandated Rabi Crops for Marketing Season 2024-25 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 over All-India weighted average Cost of Production is 102 percent for wheat, followed by 98 percent for rapeseed & mustard; 89 per cent for lentil; 60 per cent for gram; 60 percent for barley; and 52 percent for safflower. This increased MSP of rabi crops will ensure remunerative prices to the farmers and incentivise crop diversification.

The Government is promoting crop diversification towards oilseeds, pulses and shree anna/millets to enhance food security, increase farmers’ income, and reduce dependence on imports. Besides the Price Policy, the Government has undertaken various initiatives such as the National Food Security Mission (NFSM), Pradhan Mantri Krishi Sinchayee Yojana (PMKSY), and the National Mission on Oilseeds and Oil Palm (NMOOP) with the objective to provide financial support, quality seeds to encourage farmers to cultivate oilseeds and pulses.

Moreover, to extend the benefits of the Kisan Credit Card (KCC) Scheme to every farmer across the nation, Government has launched the Kisan Rin Portal (KRP), KCC Ghar Ghar Abhiyaan, and Weather Information Network Data Systems (WINDS) with the aim to provide timely and accurate weather information to empower farmers in making timely decisions regarding their crops. These initiatives aim to revolutionize agriculture, enhance financial inclusion, optimize data utilization, and improve the lives of farmers across the nation.

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