In a strategic move ahead of upcoming state elections, the Indian government has announced a hike in the Minimum Support Price (MSP) for wheat by Rs.150 per quintal. This adjustment raises the MSP to Rs.2,275 per quintal for the 2024-25 marketing season. The decision, approved by the Cabinet Committee on Economic Affairs (CCEA) and chaired by Prime Minister Narendra Modi, aims to support farmers in key wheat-producing states like Madhya Pradesh and Rajasthan.
Information and Broadcasting Minister Anurag Thakur emphasized that this is the highest MSP increase for wheat since 2015-16. The government also raised the MSP for five other rabi crops, including barley, gram, lentils (masur), rapeseed-mustard, and safflower, in an effort to promote crop diversification and oilseed cultivation.
The increased prices are intended to provide better income security for farmers while managing inflation concerns. The government also continues its ban on wheat exports to control domestic wheat prices, a measure in place since May 2022.
Despite global and domestic challenges, including climate change, the agriculture ministry has set a record wheat production target of 114 million tonnes for the 2023-24 crop year, surpassing the previous output of 112.6 million tonnes. The government assures sufficient seed availability for the upcoming sowing season, highlighting its proactive measures to stabilize wheat supply and prices in the country.(input from agencies)
