Msp Hike News Today

The Indian government has increased the minimum support price (MSP) of wheat by Rs 150 to Rs 2,275 per quintal for the 2024-25 marketing season, the highest increase since 2014. The MSP for other rabi crops including gram, barley, lentil, rapeseed-mustard seed, and safflower has also been raised. The decision was made at a meeting of the Cabinet Committee on Economic Affairs chaired by Prime Minister Narendra Modi.

At least nine states had written to the Union Ministry of Agriculture and Farmers’ Welfare in April and May, before the Cabinet meeting in June, requesting it to reconsider the proposal and hike the MSP, show documents accessed by The Indian Express under the RTI Act.

On June 7, the Cabinet chaired by Prime Minister Narendra Modi approved the increase in MSP ranging from 6 per cent to 10 per cent.

The data shows that the rate of inflation for this category stood at 14.25% in July, higher than 10.77% in July last year.

As per the RBIs latest forecasts, headline retail inflation is seen averaging 5.1 percent in 2023-24

The price incentives will result in higher production, which will translate into lower prices and bring down inflation, experts said.

The northeastern states of India are seeing swift growth in air travel. Software services firms showed signs of a decline in their quarterly employee benefit costs. Meanwhile, India’s poor ranking on the Global Hunger Index has again sparked a debate over its findings

MSP hike unlikely to boost much rural demand, says Kotak Securities

The Cabinet Committee on Economic Affairs has approved the increase in the Minimum Support Price (MSP) for all mandated Kharif crops for marketing season 2022-23. 

A day after the government announced higher kharif MSP on paddy, pulses, cotton and other produce, the Congress on Thursday said that farmers have been cheated again as the MSP doesnt give the price equivalent to the input cost.