Commodities
India Raises MSP for Six Rabi Crops, Wheat Sees Smallest Hike Since 2010
The Indian government has announced an increase in the Minimum Support Price (MSP) for six rabi crops. Wheat, one of the key crops, will see a ₹25 hike to ₹2,610 per quintal, marking the smallest annual increase since 2010-11.
This increase is significant because it brings the MSP of wheat to about 106 percent higher than its reported production cost of ₹1,264 per quintal. The government has also raised the MSP for five other rabi crops: barley by ₹136, gram by ₹83, masur by ₹390, rapeseed & mustard by ₹413, and safflower by ₹675.
The procurement of 324 lakh tonnes of these six crops is expected to provide farmers with around ₹90,962 crore. The revised MSPs will apply to the upcoming rabi crop season.