MeraNews Network, New Delhi: Cabinet Committee on Economic Affairs, CCEA, has increased the Minimum Support Price (MSP) for all Rabi crops for the current financial year which will be marketed in 2019-20 season.
The MSP of wheat has been raised by Rs 105 per quintal, Safflower by Rs 845 per quintal, Barley by Rs 30 per quintal, Masur by Rs 225 per quintal, Gram by Rs 220 per quintal and rapeseed and mustard by Rs 200 per quintal.
Briefing media after the Cabinet meeting in New Delhi on Wednesday evening, Agriculture Minister Radha Mohan Singh said, the MSP fixed by the government is much higher than the cost of production.
Union Minister Ravishankar Prasad further said that the decision is a step towards doubling the farmers' income.
The decision will give additional return to the farmers of 62,635 crore rupees by way of increasing the MSP of notified crops to at least 50 percent return over cost of production.