Centre Approves MSP Hike | Farmers Get Major Boost | Hike On 14 Kharif Crops | Ashwini Vaishnaw
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In some relief to the
In some relief to the farmers...the Union Cabinet announced a major hike in the Minimum Support Price or MSP for 14 Kharif crops for the 2024-2025 season. Announcing the decision, Union Minister Ashwini Vaishnaw said that the Cabinet has approved the MSP based on recommendations from the Commission for Agricultural Costs and Prices.
This includes staples like paddy, ragi, bajra, jowar, maize and cotton. Prime Minister Narendra Modi took to the social media platform X to announce the news while saying that the government has been continuously taking important steps for the welfare of the farmers cross the country.
So, what does the new MSP look like? For paddy, the MSP increased by Rs 117 per quintal, now set at Rs 2,300 per quintal. The MSP for niger seeds went up by Rs 983 per quintal, sesamum by Rs 632, ragi by Rs 444, tur or arhar by Rs 550, maize by Rs 135, jowar by Rs 191 and bajra by Rs 125.
Farmers growing bajra can expect the highest margin over their production costs at 77%, followed by tur at 59%, maize at 54%, and urad at 52%. Most other crops will see a margin of about 50%.
This MSP hike is the first major decision of PM Modi’s third term that comes with major financial implications - a Rs 2 lakh crore impact on government finances and an expected gain of Rs 35,000 crore for farmers compared to the previous season.
But it’s not just farmers who benefit. The increased rural income is expected to positively impact sectors like FMCG, consumer durables, and the automotive industry, especially for two-wheelers and tractors. While fertilizer and irrigation sectors will also see a boost, the banking sector might experience increased deposits and credit uptake in rural areas.
Overall, this decision marks a major boost towards enhancing the agricultural economy and the broader rural market.
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This includes staples like paddy, ragi, bajra, jowar, maize and cotton. Prime Minister Narendra Modi took to the social media platform X to announce the news while saying that the government has been continuously taking important steps for the welfare of the farmers cross the country.
So, what does the new MSP look like? For paddy, the MSP increased by Rs 117 per quintal, now set at Rs 2,300 per quintal. The MSP for niger seeds went up by Rs 983 per quintal, sesamum by Rs 632, ragi by Rs 444, tur or arhar by Rs 550, maize by Rs 135, jowar by Rs 191 and bajra by Rs 125.
Farmers growing bajra can expect the highest margin over their production costs at 77%, followed by tur at 59%, maize at 54%, and urad at 52%. Most other crops will see a margin of about 50%.
This MSP hike is the first major decision of PM Modi’s third term that comes with major financial implications - a Rs 2 lakh crore impact on government finances and an expected gain of Rs 35,000 crore for farmers compared to the previous season.
But it’s not just farmers who benefit. The increased rural income is expected to positively impact sectors like FMCG, consumer durables, and the automotive industry, especially for two-wheelers and tractors. While fertilizer and irrigation sectors will also see a boost, the banking sector might experience increased deposits and credit uptake in rural areas.
Overall, this decision marks a major boost towards enhancing the agricultural economy and the broader rural market.
..............................................................................................
News9 is India's first fully integrated English news brand across all digital platforms. It includes a publishing platform, viz. www.news9live.com, a future-ready OTT platform, News9 Plus, and a 24-Hour video streaming service on connected TVs and all social platforms.
It's the English news brand that understands and fits perfectly into the digital-first lifestyles of our English news audiences.
► News9 Plus App : https://onelink.to/8pwfkc
► News9 OTT Coupons : https://bit.ly/4dwLDx4
► Watch us on YouTube : news9live
► Like us on Facebook : Facebook: news9live
► Follow us on Instagram : Instagram: news9live
► Follow us on Twitter : Twitter: NEWS9TWEETS
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