The Minimum Support Price of crops which is usually known as MSP has been raised for the Rabi Crop. As per the revised prices farmers will get highest margin on wheat crop while the highest increment done in the price of Lentis crop. We will discuss the price variation of 2023-2024 Rabi MSP and 2024-2025 Rabi Crop MSP raised price.
It will set a benchmark price for the farmers for their crop and they wont be allowed to sell it on the lower cost than this in any circumustances. The motive behind this is to provide them genuine price for their crop which is also benificial for the consumers. Lets check the price hike and percentage hike of Rabi Crop MSP 2024.
Rabi Crop MSP Raised
The MSP price is approved by the Union Cabinet It protects farmers from losing money, even if market prices drop. This steady income helps farmers feel secure and allows them to invest in their crops without worries. In this year prices increased for kharif and rabi both the crops. The marketing season for the Rabi crop will face a high hike in the Lentis crop, prices has been increased with 425 Rs per quintal for the Lentis crop.
Following the discussion in the Union Budget 2018-19, the government has raised the Minimum Support Price (MSP) for essential Rabi crops in the Marketing Season 2024-2025. The Union Budget stated that MSP should be set at a minimum of 1.5 times the All-India weighted average Cost of Production.
Rabi Crops MSP 2024-2025
Among all crops, lentils saw the highest increase, and wheat also had a significant raise. Safflower and wheat prices went up by 150 INR per quintal each. This decision was made in a cabinet meeting on October 18, 2023, to support farmers. There are chances that this change will impact the demand of crop as well. The government has increased the prices of Rabi crops to make sure farmers get fair payment for their crops in the 2023-2024 season. Here’s the new pricing and the increase in cost for different crops based on pib.gov.in:
Wheat: Previous Price: 2125 INR, New Price: 2275 INR, Increase: 150 INR, Margin: 102
Barley: Previous Price: 1735 INR, New Price: 1850 INR, Increase: 115 INR, Margin: 60
Gram: Previous Price: 5335 INR, New Price: 5440 INR, Increase: 105 INR, Margin: 60
Lentil: Previous Price: 6000 INR, New Price: 6425 INR, Increase: 425 INR, Margin: 89
Rapeseed & Mustard: Previous Price: 5450 INR, New Price: 5650 INR, Increase: 200 INR. Margin: 98
Safflower: Previous Price: 5650 INR, New Price: 5800 INR, Increase: 150 INR, Margin: 52
This increase in prices is in line with the Union Budget 2018-19, which aimed to ensure that farmers receive at least 1.5 times the production cost as Minimum Support Price (MSP). These hikes aim to support farmers and make their hard work more rewarding.
Rabi Minimum Support Price Increment
This crop hike will surely leave a mark on the marketing season of the Rabi Crop. Farmers will get highest margin on the wheat crop which is the basic need of every family and highest selling gain of India. It will provide farmers a financial benefit and they will get the genuine value against their crop and more amount in comparison to the previous year price. This helps them have a better income.
MSP is the minimum price set by the government for crops. It prevents traders from taking advantage of farmers by buying crops at very low prices. The government wants to help farmers who grow oilseeds and pulses. They do this by giving them money and good quality seeds, so they can grow better crops and support their families.
How will farmers get benefit through MSP Increment?
This move aims to ensure that farmers receive fair compensation for their hard work, providing them with a better income and improving their overall livelihood. This increase in MSP rates is a positive step towards supporting farmers and enhancing their economic well-being.
· Financial Security for Farmers: The most important advantage of Rabi crop MSP raised price is that it gives farmers financial security. It ensures that farmers get a fixed minimum price for their crops, so they don’t have to worry about changing market prices. This helps them plan their finances better.
· Promoting Farming Investments: When there’s MSP, farmers feel confident to invest in good seeds, fertilizers, and technology. This leads to better crops and more farming productivity. These investments help the farming industry grow, which is good for the country’s economy.
· Securing Our Food Supply: MSP helps farmers keep their farming stable. This means we always have enough food in the markets. This steady food supply makes sure everyone, whether they live in cities or villages, always has enough to eat.
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Rabi MSP Increased Price
The marketing season will start from the April 2023 with the updated price. To sum up, the minimum support price (MSP) for Rabi crops is really important for farming. It helps farmers earn steady money, helps farming grow, and keeps it going for a long time. By helping farmers, encouraging investments, and making sure there’s enough food, Rabi Crop MSP Raised price will help farming and the country move ahead, making things better for both farmers and everyone in the nation. check official website for more details- Click here