The government today raised the Minimum Support Price (MSP) for paddy by Rs 60 per quintal.
This takes the price for the standard grade of paddy to Rs 1,470 per quintal from the existing Rs 1,410, while minimum price for the Grade ‘A’ paddy has risen to Rs 1,510 from Rs 1,450 per quintal.
The Cabinet Committee on Economic Affairs (CCEA) took the decision in a meeting here chaired by Prime Minister Narendra Modi.
MSP is the rate at which the government buys the grain from farmers.
Sowing of Kharif crops will begin with the onset of the Southwest monsoon this month. Paddy is the main crop grown in the season.
Barring pulses and oilseeds, the CCEA has approved the MSP of other crops as per the recommendation of the government’s advisory body on farm pricing, sources added.