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- Cabinet Committee on Economic Affairs chaired by the Prime Minister has approved the increase in the Minimum Support Prices(MSPs) for 14 kharif crops for 2019-20 season.
- The increase in MSP for Kharif crops is in line with the principle of fixing the MSPs at a level of at least 1.5 times of the all India weighted average cost of production which was announced in the Union Budget for 2018-19.
- Cost of production varies in different states on account of differences in levels of irrigation, resource endowment, farm mechanization, land holding size, yield of crops.The highest percentage return to farmers over their cost of production is for Bajra (85%) followed by urad (64%) and tur (60%).
- MSP is the minimum price paid to the farmers for procuring food crops.It is announced by the Government at the beginning of the sowing season.
- There are two objectives of the Minimum Support Price system (a)To prevent distress sale by the farmers in case of a bumper crop and (b)To procure the grains for public distribution by fair price shops.
- They are recommended by the Commission for Agricultural Costs and Prices (CACP) and approved by the Cabinet Committee on Economic Affairs.Food Corporation of India(FCI) is the nodal agency for procurement along with State agencies.
- In India,there are two major cropping seasons: a) Kharif and b) Rabi. Another cropping season Zaid i.e. summer season (March to June). Examples of Zaid cops are watermelon, bitter gourd etc.
- The kharif cropping season is from July –October during the south-west monsoon.Major Kharif crops include rice, maize, sorghum, groundnut etc.Rabi cropping season extends from October-March (winter).Major Rabi crops are wheat, barley,oats etc.
