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Govt's decision to hike MSP for Kharif crops is a master stroke: Experts
AgroSpectrum
|AgroSpectrum India July 2023
The Indian government’s recent announcement of increasing the minimum support prices (MSP) for Kharif crops for the marketing season 2023–24 has been hailed as a masterstroke by experts. Led by Prime Minister Narendra Modi, the Cabinet Committee on Economic Affairs (CCEA), has approved the MSP hikes for various crops.
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Among the 14 Kharif crops, moong witnessed the highest increase in MSP, going from Rs 7,755 to Rs 8,558 per quintal. Sesame also saw a significant increase to Rs 8,635 per quintal from Rs 7,830 in the previous season, ranking as the second-highest increase after moong.
The MSP plays a crucial role in providing a safety net to Indian farmers, ensuring they receive a minimum guaranteed price for their products. It also helps in stabilising food prices in the market and serves as a tool for the government to incentivise farmers to cultivate specific crops.
Summaries of economists' reactions to the MSP increase
Kotak Economic Research
UBS Global Research
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