Commodities
India's Union Cabinet Set to Raise Wheat MSP Amid El Nino Concerns
The Union Cabinet of India is poised to approve an increase in the minimum support price (MSP) for wheat by Rs 25 per quintal, taking it to Rs 2,610 per quintal for the upcoming rabi marketing year. This decision comes after a recommendation from the Commission for Agricultural Costs & Prices (CACP). The agriculture ministry had proposed this nominal hike, considering factors such as cost of production, El Nino concerns, and global and domestic price trends.
The MSP for wheat in the current 2026-27 marketing year was set at Rs 2,585 per quintal. The agriculture ministry has also set a target of producing 121 million tonnes of wheat for the 2026-27 crop year.