Union Cabinet approved the increase in the Minimum Support Price (MSP) for 14 Kharif crops.
These crops include paddy, ragi, bajra, jowar, maize, and cotton.
The decision to increase MSP will have a financial cost of Rs 2 lakh crore for the government.
Farmers will receive around Rs 2 lakh crore as MSP. Farmers will get Rs 35,000 crore more than the previous season.
Information and Broadcasting Minister Ashwini Vaishnaw addressed the media after the Cabinet meeting.
He said government is committed to provide farmers with a price that is 50% higher than input cost.
For oilseeds and pulses, the largest absolute increase in MSP over the previous year has been recommended.
In Varanasi on 18 June 2024, 17th installment amounting to over Rs 20,000 crore to around 9.26 crore beneficiary farmers was released by PM Modi under the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) through Direct Benefit Transfer.
