New Delhi, OCT 03 : The Government on Wednesday announced 6 per cent hike in support price of wheat at Rs 1,840 per quintal, a move that will give farmers an additional income of Rs 62,635 crore and help contain their simmering discontent over high input cost and low sales realisation.
The Cabinet Committee on Economic Affairs (CCEA) headed by Prime Minister Narendra Modi approved higher minimum support price (MSP) for winter-sown or Rabi crops. The decision will help farmers earn an additional income of Rs 62,635 crore, Law Minister Ravi Shankar Prasad told reporters here after the meeting.
The MSP of wheat was Rs 1,735 per quintal in the 2017-18 crop year. Singh said the MSP for all Rabi crops is higher than the cost of production ranging from 50-112 per cent.
Safflower MSP has been increased by Rs 845 per quintal to Rs 4,945. The support price has been increased based on the recommendations of farm advisory body CACP (Commission for Agricultural Costs and Prices) and is in line with the government’s announcement to provide farmers a 50 per cent profit over the cost of production.
