Government approves exports of non-basmati rice
Published on: October 18, 2023.
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Government Hikes Minimum Support Price of Wheat Ahead of Assembly Polls
The Indian government has announced an increase in the minimum support price (MSP) of wheat by Rs 150 to Rs 2,275 per quintal for the 2024-25 marketing season. This hike in MSP is the highest in any marketing season since the NDA government came to power in 2014. The MSP is the rate at which the government procurement agencies purchase grain.
MSP Hiked for Other Rabi Crops as Well
Along with wheat, the MSP for five other rabi crops, including gram, barley, lentil, rapeseed-mustard seed, and safflower, have also been increased. The decision was taken at a meeting of the Cabinet Committee on Economic Affairs (CCEA) chaired by Prime Minister Narendra Modi.
Reasons Behind the Increase
The increase in MSP comes at a time when consumer prices of wheat and wheat flour have been under pressure for over a year. Additionally, key wheat-growing states of Madhya Pradesh and Rajasthan are going to polls later this year. To control prices, there has been a ban on wheat exports since May 2022.
MSP Increase Details
The MSP of wheat has been raised to Rs 2,275 per quintal for the 2024-25 marketing season from Rs 2,125 per quintal in the previous season. Barley’s MSP has been increased by Rs 115 to Rs 1,850, gram’s MSP by Rs 105 to Rs 5,440, lentil’s MSP by Rs 425 to Rs 6,425, rapeseed-mustard seed’s MSP by Rs 200 to Rs 5,650, and safflower’s MSP by Rs 150 to Rs 5,800.
Promoting Crop Diversification
The government has been promoting crop diversification towards oilseeds, pulses, and millets in recent years. This is aimed at enhancing food security, increasing farmers’ income, and reducing dependence on imports. Several initiatives, including the National Food Security Mission, Pradhan Mantri Krishi Sinchayee Yojana, and the National Mission on Oilseeds and Oil Palm, have been undertaken to support farmers in cultivating oilseeds and pulses.
Ensuring Wheat Supply and Climate Resilient Varieties
The agriculture ministry has set a wheat production target of 114 million tonnes for the 2023-24 crop year, higher than the actual output achieved in the previous year. There is enough supply of seeds for wheat planting, and the ministry has urged wheat-growing states to promote and increase the area under climate resilient wheat varieties to tackle the challenges posed by climate change.
