Follow Us:
Friday, February 21, 2020

Govt hikes paddy MSP by Rs 170/qtl

MSP of paddy and other Kharif crops has been approved by the Cabinet Committee.

Written by Agencies | New Delhi | Published: June 14, 2012 6:56:24 pm

In view of rising input costs,the government today announced Rs 170 per quintal hike in support price of paddy to farmers at Rs 1,250 for the 2012-13 crop year (July-June).

The minimum support price (MSP) of paddy and other Kharif (summer) crops has been approved by the Cabinet Committee on Economic Affairs (CCEA),an highly placed source said after the CCEA meeting.

The MSP for common grade variety of paddy has been increased to Rs 1,250 per quintal from Rs 1,080 in the previous year. Similarly,the support price for ‘A’ grade variety of paddy has been raised to Rs 1,280 per quintal from Rs 1,110.

The increase in the support price of paddy is in line with the recommendations made by the Commission for Agriculture Costs and Prices,which recommends the government on farm pricing policy.

Paddy is grown in both kharif and rabi season. The Kharif sowing begins with the start of the south-west monsoon in June and harvesting that starts from October.

India produced a record 103.41 million tonnes of rice in the 2011-12 crop year. Higher MSP has been announced to give better returns to paddy farmers,whose cost of cultivation has risen substantially due to rise in cost of labour,power and fertiliser.

📣 The Indian Express is now on Telegram. Click here to join our channel (@indianexpress) and stay updated with the latest headlines

For all the latest Business News, download Indian Express App.