Cabinet approves MSP for copra and India-Australia MoU on economic policy issues

PM Modi, Image : PIB
PM Modi Image : PIB

New Delhi: The Cabinet Committee on Economic Affairs chaired by Prime Minister Narendra Modi on Wednesday gave approval to an MSP increase of Rs 1,000 for Fair Average Quality (FAQ) of ‘milling copra’ to Rs 7,500 per quintal for the 2018 season.

The Minimum Support Price (MSP) for FAQ of ‘ball copra’ was increased to Rs 7,750 per quintal for the 2018 season from Rs 6,785 in 2017, an official release said.

The MSP of copra is expected to ensure appropriate minimum price to farmers and step up investment in coconut cultivation and thereby its production.

“The approval is based on the recommendations of the Commission for Agricultural Costs and Prices (CACP), an expert body which takes into account the cost of production, trends in domestic and international prices of edible oils, overall demand and supply of copra and coconut oil, cost of processing copra into coconut oil and the likely impact of the recommended MSPs on consumers, while recommending the MSPs.”

India-Australia MoU on economic policy issues

The Union Cabinet on Wednesday approved the signing of a Memorandum of Understanding for a Secondment Programme between India and Australia that aims at better understanding of current economic policy issues between the two countries.

The MoU will be signed between India’s Department of Economic Affairs and Australia’s Treasury for three months, an official statement said.

An Australian Treasury official will be seconded to the Department of Economic Affairs in the Indian Ministry of Finance while one officer from the department will be seconded to the Australian Treasury for three months.

“The programme may be repeated in subsequent years with mutual consultation and after agreement on both sides,” the statement said.

IANS

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