New MSP List 2018 For Kharif Crops: Revised Prices After Hike Approved By Narendra Modi Government

New Delhi, July 4:  Giving a major boost for the farmers’ income, the Union Cabinet led by Prime Minister Narendra Modi on Tuesday approved the Minimum Support Price (MSP) for Kharif crops for the 2018-19 season. The MSP for common variety paddy has been raised by Rs 200 over last year’s Rs 1,550 per quintal.

This means there has been a 13 per cent increase for the financial year ending March 2019 compared to a 5.4 per cent increase in the year ended March 2018. The decision comes as a boost to Modi government's big farmers push ahead of the 2019 Lok Sabha elections. "Modi government was committed to the welfare of farmers," said BJP President Amit Shah.

New MSP List 2018:

In the last week, Prime Minister Narendra Modi had announced that the Cabinet will approve the hike in MSP to at least 1.5 times of the production cost in the forthcoming meeting.

किसानों की आय दोगुनी करने के वादे को पूरा करने के लिए सरकार ने एक ऐतिहासिक कदम उठाया है। #कैबिनेट ने खरीफ 2018-19 से सभी खरीफ फसलों का न्यूनतम समर्थन मूल्य उत्पादन की लागत का डेढ़ गुना या उससे अधिक कर दिया है। #DoublingFarmersIncome #CabinetDecision #Cabinet pic.twitter.com/WEAUaohgxS

— Radha Mohan Singh (@RadhamohanBJP) July 4, 2018

With these measures, the Government has set a target to double the farmers' Income by 2022. The Budget this year had indicated that a paradigm shift in the agricultural policies is needed to achieve the objective of doubling farmers' income by 2022 through greater emphasis on generating higher incomes of farmers.

On Tuesday, Union Home Minister Rajnath Singh termed it a historical decision as it redeems the promise of the pre-determined principle of fixing the MSPs at a level of at least 150 percent of the cost of production announced by the Union Budget for 2018-19.

Apart from an increase in MSP of kharif crops, the Government has also taken several farmer friendly initiatives. The premium rates to be paid by farmers are very low - 2 % of sum insured for all kharif crops, 1.5% for all rabi crops and 5 % for commercial and horticulture crops under smart technology through phones & remote sensing for quick estimation and early settlement of claims.

(The above story first appeared on LatestLY on Jul 04, 2018 02:20 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).