MSP approved for designated Rabi Crops for 2022-23 is higher or equal to 1.5 times of cost of production: Centre

The government has said that the Minimum Support Price, MSP approved for designated Rabi Crops for 2022-23 during Rabi Marketing Season is higher or equal to 1.5 times of cost of production.

Addressing the media in New Delhi, Agriculture Secretary Sanjay Agarwal said that the expected returns to farmers over their cost of production is estimated to be highest in case of Wheat and mustard.

He said, the return is 100 per cent in these two crops. While in case of  lentil it is 79 per cent and for gram the expected return is 74 per cent.

Mr Agarwal said, on 8th September, the Cabinet Committee on Economic Affairs (CCEA)  approved the increase in the MSP for all designated Rabi crops for Rabi Marketing Season (RMS) 2022-23.

He added that normally MSP for Rabi season was announced in October.

But, sast year it was announced on 23rd September and for the year 2022-23 it was further advanced and announced on 8th September this year so that the farmers can get the benefit.

He informed that as against previous year procurement of over 773  Lakh Metric Tonnes, L MT of Paddy, more than  879 LMTs of paddy procured on MSP for ongoing season for 2020-21,  benefitting about 130 Lakh farmers.

In addition to it, around 433 LMT wheat was procured for Rabi Marketing Season, 2021-22, against the last year corresponding purchase of  nearly 390 LMT wheat, benefitting about 49.20 Lakh farmers.

Agriculture Secretary also informed that procurement of MSP crops has increased manifold during the recent years.