The government today increased the minimum support price (MSP) of wheat by Rs 110 to Rs 1,735 a quintal and of pulses by Rs 200 per quintal to help boost the output of these crops and check prices, official sources said.
The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi, has approved the MSPs of all rabi (winter-sown) crops for 2017-18. MSP is the rate at which government buys grain from farmers.
According to sources, the CCEA approved Rs 110 per quintal hike in wheat MSP to Rs 1,735 per quintal for the 2017-18 rabi crop, up from Rs 1,625 per quintal last year.
To encourage the cultivation of gram and masoor, their MSPs have been raised by Rs 200 per quintal each to Rs 4,200 and Rs 4,150.
Among oilseeds, rapeseed/mustard and saflower seed MSP has also been increased substantially, the sources said, adding that the support prices are in line with the recommendations of the Commission for Agricultural Costs and Prices.
Wheat is the main rabi crop, sowing of which will begin from this month. The crop will be marketed from next year April onwards.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)