The central government on Tuesday increased the Minimum Support Price (MSP) for Rabi crops for 2017-18 to encourage farmers to bring a major area under their cultivation.
The Cabinet Committee on Economic Affairs(CCEA), chaired by Prime Minister Narendra Modi, approved the revised MSPs of some of the winter sown (rabi) crops -- Rs 110 for wheat, Rs 400 for pulses and Rs 300 for mustard, informed sources told IANS.
MSP is a form of market intervention by the government to insure farmers against any sharp fall in farm prices and thus ensure adequate foodgrains production in the country.
In a series of tweets, Union Agriculture Minister Radha Mohan Singh said that the MSP of wheat was hiked by Rs 110 to Rs 1,735 per quintal for 2017-18, up from Rs 1,625 last year.
The government has also increased the MSP of barley by Rs 85 to Rs 1,410 per quintal and of pulses by Rs 400 to Rs 4,400 per quintal.
The Minister said that the MSPs of masoor (lentil) and mustard were increased by Rs 300 to Rs 4,250 per quintal and by Rs 300 to Rs 4,000 per quintal, respectively.