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CCEA may okay tomorrow hike in paddy MSP by Rs200/qtl, ragi by Rs900/qtl: Report

Edited by: India TV Business Desk, New Delhi [ Updated: July 03, 2018 23:27 IST ]
Representational
Image Source : PTI

Representational

In order to ensure that farmers get at least 1.5 times of the production cost, the Cabinet Committee on Economic Affairs (CCEA) will meet on Wednesday to revise the minimum support price (MSP) of kharif crops.

CCEA is likely to raise paddy MSP sharply by Rs 200 to Rs 1,750/quintal. In total, there are 14 kharif crops.

The maximum hike in the MSP is likely to be in case of ragi, which is expected to be increased by Rs 900 to Rs 2,700 per quintal for 2018-19 crop year (July-June), news agency PTI cited sources as saying. 

"In some of the kharif crops where the MSP is already 1.5 times of the production cost, the increase will be minimal. But there will a sharp increase in crops like paddy, ragi and moong, whose MSP are well below the 150 per cent of the input cost," an official source said, news agency further reported.

Recently, PM Narendra Modi had said that the Cabinet will approve the increase in MSP to at least 1.5 times of the production cost in the upcoming meeting. 

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