On 8 June, the Cabinet raised the Kharif Marketing Season Minimum Support Price (MSP) for 2022-23. The authorized prices follow the premise of maintaining MSPs at least 1.5 times the weighted average cost of production for all of India. The Cabinet Committee on Economic Affairs determines the MSP. Prime Minister Shri. Narendra Modi currently leads it. Keep reading this post till the end to know every detail about the Kharif Crops MSP 2022-23.
Kharif Crops MSP 2022-23 – Introduction
The government increased the minimum support price (MSP) of kharif crops by about 4-9 percent on Wednesday for the 2022-23 crop year (July-June). Pulses and oilseeds, particularly moong, soybean, and sunflower seed, saw the highest price increases, as seems to be the case for some years. Jowar’s MSP was also increased significantly to incentivize farmers to cultivate more of this low-water-use, high-nutrient crop. Moong, one of the primary pulses harvested during the kharif season, has seen its MSP increase by 6.6 percent in 2022-23, from Rs 7,275 per quintal to Rs 7,755 per quintal, compared to 2021-22. In the case of soybean and sunflower seed, the MSP rise was 8.86% and 6.44%, respectively. In comparison to the previous year, the bajra saw the smallest increase in 2022-23. For these items, the average price increase would be roughly 5.8%. With a weight of 3.4 % in the total index, the direct effect on the wholesale cost benchmark rate of inflation might be roughly 0.2%, according to Madan Sabnavis, Bank of Baroda’s chief economist.
Hike in MSP for Kharif Crops for Season 2022-23 – Edible Oils
Edible oil prices have been on the rise for a few months now, aggravated by the Russia-Ukraine conflict. Soybean and groundnut trade prices are currently higher than the revised MSP for the 2022-23 season. In the open market, soybean is selling for roughly Rs 6,400-7,000 per quintal. The price of groundnut per quintal is estimated to be approximately Rs 5,700-6,600. This is in addition to their new MSPs of Rs 4,300 and Rs 5,850 per quintal. The increase in MSP for oilseeds is a positive move. Farmers will become more motivated as they receive a guaranteed price for the product. Farmers are encouraged to plant oilseeds and move away from grain. Over the last few years, the region under oilseed cultivation has steadily increased. It is expected to rise even more after Wednesday’s hike.
MSP for Kharif Crops – What is MSP?
MSPs are the prices at which the company subsidizes certain commodities from farmers to protect them from price drops. It is an important part of the Agriculture Price Policy, and it aims to provide farmers with support while keeping costs low for consumers. The government announces MSP for agricultural crops such as cereals, pulses, oilseeds, and commercial crops annually at the start of both crop seasons, based on the recommendations of the Commission for Agricultural Costs and Prices (CACP) and after taking into account the viewpoints of state governments and central ministries/departments involved.
Kharif Crops MSP 2022-23 – Check The List
|Paddy (common)||Rs. 2,970|
|Sunflower Seed||Rs 6,400|
|Niger Seed||Rs 7,287|
|Jowar (Hybrid)||Rs 2,970|
|Jowar (Maldandi)||Rs 2,990|
Hike in MSP for Kharif Crops for Season 2022-23 – Benefits of MSP
- Farmers will benefit from the higher pricing since they will have guaranteed remunerative prices.
- The measure is also intended to strengthen the government’s AtmaNirbhar Bharat scheme, which aims to reduce reliance on imports and increase self-sufficiency.
- More prices may result in increased investment and production.
- Several initiatives established by the Modi government over the previous eight years have aimed to increase farmers’ income and ensure the farm sector’s overall prosperity.
Currently, there are approximately 14 kinds of crop that are termed under MSPs.
Wheat has an MSP of Rs 2,015 per quintal for RMS 2022-23. The government purchased a historic 433 LMT of wheat last year.
The idea of MSP emerged with the development of the Green Revolution in 1966.
Two times a year, the Indian government fixes the price of approximately a dozen items.
Dr Frank W Parker, the senior agriculturalist of a USAID project, was its forerunner.