Cabinet approves Rs 143 hike in paddy MSP to Rs 2,183/qtl for 2023-24; highest increase in moong at Rs 8,558/qtl

New Delhi,  The government on Wednesday hiked the minimum support price (MSP) of paddy by Rs 143 to Rs 2,183 per quintal for the 2023-24 crop year (July-June) in order to encourage farmers to bring more area under the crop and boost their income.

The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi, approved the increase in MSP for all mandated Kharif (summer) crops for the 2023-24 crop year.

Briefing media, Food and Consumer Affairs Minister Piyush Goyal said: “In agriculture, we have been fixing MSP from time to time based on the recommendations of the CACP (Commission for Agricultural Costs and Prices). The increase in MSP of kharif crops for this year is highest compared to the previous years.” Farmers will benefit from the increase in the MSP at a time when the retail inflation is on a declining trend, he added.PTI