India's cabinet raises MSP for summer-sown crops including cotton

The Union Cabinet on Wednesday approved an increased Minimum Support Price (MSP) for Kharif crops for marketing season 2023-24. This move is to ensure remunerative prices to growers for their produce and to encourage crop diversification, Union Minister Piyush Goyal said.

The cabinet approved a Rs 143 hike For the common grade of rice paddy to Rs 2,183 per quintal for 2023-24 while moong MSP saw the highest increase at Rs 8,558 per quintal.

MSP for soybean currently stands at Rs 4,600 per quintal, sesamum at Rs 8,635 per quintal, nigerseed at Rs 7,734 per quintal and cotton stands at Rs 6,620 per quintal. The MSP for cotton (long staple) currently stands at Rs 7,020 per quintal.

The Union Cabinet last week approved a Rs 1 lakh crore programme to create the world's largest grain storage capacity in the cooperative sector to reduce crop damages and prevent distress sales by farmers, besides strengthening the country's food security.