Union Cabinet green lights MSP for 14 Kharif crops; farmers to gain Rs 35,000 cr more compared to previous year

This decision will have a financial implication of Rs two lakh crore for the government and will result in a gain of Rs 35,000 crore for farmers compared to the previous year.

Information and Broadcasting Minister Ashwini Vaishnaw, addressing the media after the Union Cabinet meeting, emphasized the significance of Prime Minister Modi's third term.

He highlighted that this term focuses on continuity with change through various decisions aimed at farmers' welfare.

Vaishnaw added that the two previous terms of the Modi government had established a strong foundation for economic growth, and significant decisions would be made in the third term for the benefit of the people.

"The Cabinet has approved Minimum Support Price (MSP) on 14 Kharif season crops including Paddy, Ragi, Bajra, Jowar, Maize and Cotton. With today's decision, the farmers will get around Rs lakh crores as MSP. This is Rs 35,000 crores more than the previous season," he said.

The minister stated that the government is committed to providing farmers with prices that are 50 percent higher than the input costs, and the decisions align with this objective.

The highest absolute increase in MSP compared to the previous year has been recommended for oilseeds and pulses.

Upon being sworn in for his third term, Prime Minister Narendra Modi signed his first file, authorising the release of the 17th installment of the PM Kisan Nidhi, demonstrating the government's commitment to farmer welfare.

At an event in Varanasi on Tuesday, PM Modi released the 17th installment, amounting to more than Rs 20,000 crore, to approximately 9.26 crore beneficiary farmers under the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) through Direct Benefit Transfer.