NewsGate Press Network

The government on Wednesday the 8th of June 2022 approved 5.15 per cent year-on-year increase in minimum support price (MSP) for paddy (common) for the kharif marketing season 2022-23.

The MSP for paddy for the kharif marketing season is now fixed at Rs 2,040 per quintal as compared to Rs 1,940 in the previous season. The support price for paddy (grade A) has been increased from Rs 1,960 to Rs 2,060 per quintal.

Among 17 crops for which MSPs were raised by the Cabinet, the highest absolute increase of Rs 523 per quintal was approved for sesamum.

Accordingly, the MSP for sesamum during kharif marketing season 2022-23 stands at Rs 7,830 per quintal, up 7.15% over the MSP in the previous year. The support price for sunflower seed has been raised to Rs 6,400 per quintal from Rs 6,015 per quintal.

The approved rates are in line with the principle of fixing the MSPs at a level of at least 1.5 times of the all India weighted average cost of production. Besides providing assured remunerative prices to farmers for their crops, the revised MSP is expected to increase investment and production in the sector and thus reduce imports.