Govt To Announce MSP Hike Of Pulses, Oilseeds; Decision Likely In Cabinet Meet Today: Reports | Economy News

A report in CNBC Awaaz has said that the decision could be taken at the cabinet meeting scheduled for today. It further added that the MSP in paddy too could be hiked this year by upto 5 percent.

The Government of India fixes Minimum Support Price (MSP) for 22 mandated agricultural crops on the basis of the recommendations of the Commission for Agricultural Costs & Prices (CACP), views of State Governments and Central Ministries/Departments concerned. 

MSP on Kharif crops –Paddy, Jowar, Bajra, Ragi, Maize, Tur (Arhar), Moong, Urad, Groundnut, Sunflower Seed, Soyabeen (Yellow), Sesamum, Nigerseed And Cotton and MSP on Rabi crops –Wheat, Barley, Gram, Masur (Lentil), Rapeseed & Mustard, Safflower, Copra, Jute.

Government’s price policy is to ensure remunerative prices to farmers by offering to procure their produce at MSP. However, farmers are free to sell their produce to the Government procurement agencies at MSP or in the open market, whichever is advantageous to them.