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The government Tuesday announced minimum support prices (MSPs) for six rabi crops of 2022-23 to be marketed in the rabi marketing season 2023-24, with the wheat MSP seeing an increase of Rs 110 per quintal or 5.46 per cent.
The MSPs for other rabi crops — barley, gram, lentil (masur), rapeseed & mustard, and safflower — have been increased in the range of 3.84 per cent to 9.09 per cent.
Briefing reporters, Information and Broadcasting Minister Anurag Singh Thakur said: “The Cabinet Committee on Economic Affairs met under the chairmanship of Prime Minister Narendra Modi and they have approved the increase in the minimum support price for all mandated Rabi crops for marketing season 2023-24.
“Wheat MSP was Rs 2,015 (per quintal). There is an increase of Rs 110 and it will be Rs 2,125 (per quintal) for the season 2023-24.”
The increase in the MSP of wheat for the RMS 2023-24 is higher in both — absolute and percentage — terms compared to last year. Last year, the government hiked the wheat MSP by just Rs 40 per quintal (2.03 per cent).
The increase in the wheat MSP assumes significance in view of lower production and procurement in the just-ended rabi season. As per the Fourth Advance Estimates released by the Agriculture Ministry on August 17, 2022, wheat production is estimated at 106.84 million tonne during 2021-22, which is lower than the target (110 million tonne) for the year and 109.59 million tonne actual production recorded in 2020-21.
While there has been a marginal dip in production during 2021-22, there has been a sharp decline in the procurement of wheat for the Central Pool.
In the RMS 2022-23, the government has procured a quantity of 18.79 million tonne of wheat, which is less than half of the quantity (43.3 million tonne) procured in the previous year (RMS 2020-21). Besides, there has been a sharp increase in the retail and wholesale prices of wheat and atta (wheat flour) in recent months.
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