The Union Cabinet on Wednesday approved an increase in the Minimum Support Price (MSP) for 14 Kharif crops, including paddy, ragi, bajra, jowar, maize, and cotton. The decision will have a financial implication of Rs 2 lakh crore for the government while ensuring a gain of Rs 35,000 crore for farmers over the previous season.

Addressing the media after the Cabinet meeting, Information and Broadcasting Minister Ashwini Vaishnaw underscored the significance of Prime Minister Narendra Modi’s third term, which he said focuses on continuity with change through numerous decisions aimed at farmers’ welfare.

“The Cabinet has approved the Minimum Support Price (MSP) on 14 Kharif season crops, including paddy, ragi, bajra, jowar, maize, and cotton. With today’s decision, farmers will get around Rs 2 lakh crore as MSP, which is Rs 35,000 crore more than the previous season,” Vaishnaw said.

He added that the government is committed to providing farmers with a price that is 50 percent higher than the input cost, and the decisions taken are aligned with that objective. The highest absolute increase in MSP over the previous year has been recommended for oilseeds and pulses.

Reflecting the government’s commitment to farmer welfare, Prime Minister Narendra Modi, upon being sworn in for his third term, signed his first file authorizing the release of the 17th installment of the PM Kisan Nidhi scheme.

During an event in Varanasi on Tuesday, PM Modi released the 17th installment amounting to more than Rs 20,000 crore to around 9.26 crore beneficiary farmers under the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) through Direct Benefit Transfer.

The Cabinet’s decision to hike the MSP for Kharif crops is expected to provide a significant boost to farmers’ income and further strengthen the government’s efforts towards enhancing the agricultural sector’s growth and prosperity.

(Inputs from ANI)