India News | Govt Hikes Copra MSP

New Delhi, Dec 23 (PTI) The government has increased the minimum support price(MSP) of milling copra by Rs 270 per quintal and ball copra by Rs 750 per quintal.

The Cabinet Committee on Economic Affairs chaired by Prime Minister Narendra Modi has approved Minimum Support Prices (MSPs) for copra for 2023 season, an official statement said.

Also Read | Adani Group To Own 64.71% Stake in NDTV After Founders Prannoy Roy and Radhika Roy Decide To Cash Out 27.26% Holding.

The approval is based on recommendations of the Commission for Agricultural Costs and Prices (CACP) and views of major coconut growing states.

"The MSP for Fair Average Quality of milling copra has been fixed at Rs 10,860 per quintal and for ball copra at Rs 11,750 per quintal for 2023 season. This is an increase of Rs 270 per quintal for milling copra and Rs 750 per quintal for ball copra over the previous season," the statement said.

Also Read | 'Band Baaja Baarat’ Gang, Who Used to Steal Valuables From Wedding Venues, Busted by Delhi Police.

This would ensure a margin of 51.82 per cent for milling copra and 64.26 per cent for ball copra over the all India weighted average cost of production.

The announced MSP of copra for 2023 season is in line with the principle of fixing the MSP at a level of at least 1.5 times all-India weighted average cost of production as announced by the government in the Budget 2018-19.

National Agricultural Cooperative Marketing Federation of India Ltd (NAFED) and National Cooperative Consumers' Federation (NCCF) will continue to act as Central Nodal Agencies (CNAs) for procurement of copra and de-husked coconut under Price Support Scheme (PSS).

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)