Wheat MSP increased by ₹150; highest hike since Narendra Modi became PM

The Central government on Wednesday announced an increase in the minimum support price of wheat by ₹150. This is the highest hike in MSP prices since Narendra Modi became the prime minister of the country in 2014, PTI reported.

For the 2024-25 marketing season, the MSP per quintal will be ₹2,275.

The Cabinet Committee on Economic Affairs, chaired by PM Modi, took the decision. In the current season, the MSP is ₹2,125 per quintal.

Information and Broadcasting minister Anurag Thakur said the panel has approved hikes in the MSP of all mandated rabi crops for 2024-25 season.

“Based on the CACP recommendation, we have increased the MSP of six rabi crops. Wheat MSP has been increased by ₹150 per quintal,” he said.

Wheat is the main rabi crop, which is harvested in April.

The panel has approved the highest MSP increase for masoor dal at ₹425 per quintal. Rapeseed, mustard MSP will be increased by ₹200 per quintal. Safflower MSP has been increased by ₹150. For barley and gram, the MSP has been increased by ₹115 and ₹105.

The minimum support price is the lowest rate at which the government procures crops from farmers.

The Centre also announced an increase in the dearness allowance of central government employees. DA has been increased by four percentage points to 46 percent.

The new rates will be applicable from July 1, 2023, Thakur said.

The announcements came ahead of the assembly elections in five states — Madhya Pradesh, Chhattisgarh, Rajasthan, Telangana and Mizoram. The polls will begin on November 7 and end on November 30. The counting of polls will take place on December 3.