Cabinet approves MSP for 14 Kharif crops

New Delhi: The Union Cabinet meeting, chaired by Prime Minister Narendra Modi, on Wednesday approved the minimum support price (MSP) for 14 Kharif crops including paddy, ragi, bajra, jowar, maize and cotton.

"Some very important decisions have been taken in today's Cabinet. One very important decision has been taken for the welfare of farmers. Kharif season is starting, and for that, the Cabinet has approved MSP on 14 crops. The new MSP for paddy is Rs 2,300 per quintal, which is a Rs 117 increase over the previous price. The MSP for cotton has been increased by Rs 501," I&B Minister Ashwini Vaishnaw said at a press briefing after the Cabinet meeting.

The Cabinet has also approved Rs 76,000 crore Vadhavan Port project in Maharashtra, the Union Minister said.

"The third term of PM Modi is very important as it focuses on continuity with change through many decisions for farmers' welfare," he added.