Govt approves hiked minimum support price for kharif crops

Govt approves hiked minimum support price for kharif crops
The central government on June 9 gave its approval for the increased minimum support price (MSP) for kharif crops for marketing season 2021-22.
“Government has increased the MSP of Kharif crops for marketing season 2021-22, to ensure remunerative prices to the growers for their produce,” the Ministry of Agriculture and Farmers Welfare said in a statement.
The decision by the Cabinet Committee on Economic Affairs, chaired by Prime Minister Shri Narendra Modi, comes amid an ongoing agitation by farmers at Delhi borders to demand a complete rollback of the new agri laws enacted in September last year.
The MSP of sesamum has witnessed the highest increase of Rs. 452 per quintal followed by tur and urad at Rs 300 per quintal each. The groundnut and nigerseed’s support price has been increased by Rs 275 per quintal and Rs 235 per quintal respectively as compared to the last year.
Both common and GradeA paddy has been hiked by Rs 72 per quintal, which takes their MSP this year to Rs 1940 and 1960.
“The differential remuneration is aimed at encouraging crop diversification,” the ministry stated.
The increase in MSP for kharif crops for marketing season 2021-22 is in line with the Union Budget 2018-19, according to the ministry statement. During the 2018-19 budget, it was announced that MSPs would be fixed at a level of at least 1.5 times the All-India weighted average Cost of Production (CoP).
According to the Centre, the expected returns to farmers over their cost of production are estimated to be highest in the case of bajra (85%) followed by urad (65%) and tur (62%). For the other crops, the return is estimated to be at least 50%, they said.
The government also announced a “special kharif strategy” to attain self-sufficiency in the production of pulses. “A detailed plan for both area expansion and productivity enhancement for Tur, Moong, and Urad has been formulated. Under the strategy, all the available high-yielding varieties (HYVs) of seeds will be distributed free of cost to increase area through intercropping and sole crop,” the Agriculture Ministry said.
They have also approved a plan for the free distribution of HYV oilseeds to the farmers in the form of mini-kits. “The special Kharif program will bring an additional 6.37 lakh hectare area under oilseeds and is likely to produce 120.26 lakh quintals of oilseeds and edible oil amounting to 24.36 lakh quintals,” according to the statement.

Market Movers

CompanyPriceChange%Gain
Asian Paints3,042.20 92.30 3.13
Axis Bank750.90 14.65 1.99
ICICI Bank645.30 10.15 1.60
HDFC Life692.55 10.85 1.59
HUL2,391.95 27.35 1.16
CompanyPriceChange%Gain
Asian Paints3,041.85 93.75 3.18
Axis Bank750.75 14.50 1.97
ICICI Bank645.05 9.95 1.57
HUL2,391.15 26.30 1.11
IndusInd Bank1,033.55 9.35 0.91
CompanyPriceChange%Loss
Divis Labs4,313.05 -75.00 -1.71
Coal India157.15 -2.20 -1.38
Bajaj Finserv11,798.70 -127.45 -1.07
Hindalco390.85 -3.95 -1.00
Dr Reddys Labs5,410.85 -50.50 -0.92
CompanyPriceChange%Loss
Bajaj Finserv11,799.05 -132.75 -1.11
Dr Reddys Labs5,414.90 -44.65 -0.82
Titan Company1,723.50 -11.80 -0.68
Sun Pharma673.20 -4.05 -0.60
Bajaj Finance6,160.70 -33.50 -0.54

Currency

CompanyPriceChng%Chng
Dollar-Rupee73.31250.04250.06
Euro-Rupee88.94300.27100.31
Pound-Rupee103.33400.08400.08
Rupee-100 Yen0.66580.00020.02