Union Cabinet Hikes Paddy MSP by Rs 100 Per Quintal for 2022-23 Crop Year

New Delhi: The Union Cabinet on Wednesday approved a hike in Minimum Support Price (MSP) for various Kharif (summer) crops for the year 2022-23. The MSP of paddy has been increased by Rs 100 to Rs 2,040 per quintal for the crop year. The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi, has approved an increase in MSP for all mandated Kharif crops for the 2022-23 crop year.

Briefing the reporters, the Union Minister Anurag Thakur said, “In today's cabinet meeting, MSP of 14 kharif crops was approved."  The MSP of common grade variety of paddy has been increased to  Rs 2,040 per quintal for the 2022-23 crop year from Rs 1,940 in the previous year. The support price of ‘A’ grade variety of paddy has been hiked to Rs 2,060 per quintal from  Rs 1,960.

The Indian meteorological department (IMD) has forecast that the 2022 Southwest monsoon will be normal at 99% of long-term average. Normal to good monsoons in the last three years have aided kharif food grain production, up 2.8% on an average and this may result in kharif production going up by 2.5%, atop a 1.5% increase in rabi output.

Also Read: TPCC President Fires Salvo at Police Over Hyderabad Gangrap Case  Probe

Paddy is the main kharif crop, the sowing of which has already begun. Meanwhile, the Centre added that it will take strict action against hoarding of crop nutrients and asked states to monitor fertiliser movement. It also told states to provide accurate information to farmers for ensuring there is no panic buying.