- The Cabinet Committee on Economic Affairs (CCEA), chaired by the Hon’ble Prime Minister Shri Narendra Modi, has approved the increase in the Minimum Support Price (MSP) for all mandated Kharif crops during the marketing season 2023-24.
- Increase in MSP during Kharif crops during marketing season 2023-24 in line with the announcement of the Union Budget 2018-19 to fix MSP at a level of at least 1.5 times the All India Weighted Average Cost of Production to provide remunerative prices to farmers conforms.
- In recent years, the government has been continuously promoting the cultivation of several crops other than cereals like pulses, oilseeds and other nutri-cereals/sri annas by offering higher minimum support prices for these crops.
- In addition to this, the government has also launched various schemes and activities like Rashtriya Krishi Vikas Yojana (RKVY), National Food Security Mission (NFSM) to encourage farmers to diversify their crops.
- According to the Third Advance Estimates for 2022-23, the total food grain production in the country is estimated to be a record 330.5 million tonnes, which is 14.9 million tonnes more than the previous year 2021-22. This shows the highest growth in the last 5 years.
Qns : What is the objective of increasing the Minimum Support Price (MSP) for Kharif crops?
(A) To provide remunerative prices to farmers
(B) To reduce the cost of production for farmers
(C) To encourage crop diversification
(D) To decrease the overall food grain production
Ans : (A) To provide remunerative prices to farmers