Government hikes paddy MSP by Rs 100/quintal to Rs 2,040

New Delhi: The government on Wednesday hiked the minimum support price (MSP) for paddy by Rs 100 to Rs 2,040 per quintal for 2022-23 crop year in order to encourage farmers to bring more area under the crop and boost their income.

The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi, approved the increase in MSPs for all 14 kharif (summer) crops for 2022-23 crop year. "The Government has increased the MSP of kharif crops for 2022-23, to ensure remunerative prices to the growers for their produce and to encourage crop diversification," an official statement said.

Briefing media, Information and Broadcasting Minister Anurag Thakur said the Modi government has taken several steps from 'beej se bazaar tak' (seed to market) that has helped increase income of farmers. Announcing the MSP hike before the sowing of kharif crops will give farmers an indication about the price which they would get and help them in deciding which crops to grow, he added.

As per the CCEA decision, the MSP of 14 kharif crops has been increased in the range of Rs 92-523 per quintal.