Government of India approves increase in MSP for various Kharif crops

New Delhi: The government has approved an increase in Minimum Support Price (MSP) for all intended Kharif crops for Marketing Season 2022-23. The decision was taken at a meeting of the Cabinet Committee on Economic Affairs on Wednesday (June 8).

Information and Broadcasting Minister Anurag Singh Thakur said the approved rates are at least 1.5 times of the all India weighted average cost of production.

He said the highest absolute increase in MSP over the previous year has been recommended for Sesamum Rs 523 per quintal, Moong Rs 480 per quintal, Sunflower seed Rs 385 per quintal, Tur, Urad and Groundnut Rs 300 per quintal, Cotton (Medium Staple) Rs 354 and Cotton (Long Staple) Rs 355.

The Minister said it would lead to greater investment and production. It will also provide assured remunerative prices for the farmers and will help in achieving the goal of Aatmanirbhar Bharat.

Prime Minister Narendra Modi said that the government had taken an important decision in the interest of farmers who are dedicated to the service of the country.

In a tweet, Mr Modi said the decision to increase the MSP for Kharif crops would empower crores of farmers of the country.

The Cabinet also approved the transfer of 10 in-orbit communication satellites from the Government of India to M/s. New Space India Limited, NSIL, a wholly-owned Public Sector Enterprise of the Centre under the administrative control of the Department of Space.

The Cabinet has also approved increasing the authorized share capital of NSIL from Rs 1000 crore to Rs 7500 crore.

Transfer of these assets to NSIL will further provide the desired financial autonomy to the company to realize capital-intensive programmes for projects and thereby offering huge employment potential and technology spin-off to other sectors of the economy.

This approval is expected to trigger domestic economic activity in the space sector and increase India’s share in the global space market.

NSIL Board will now be empowered to price the transponders as per the market dynamics and global trends in the Satellite Communication sector. NSIL is also authorized to offer and allocate capacity as per its internal policies and guidelines.