PM Announces MSP of Rs 6,000 Per Quintal for Soybean in Maharashtra's Vidarbha and Marathwada

Amid fluctuating market rates and adverse conditions, Prime Minister Narendra Modi has announced a minimum support price (MSP) of Rs 6,000 per quintal for soybean, providing much-needed relief to farmers in Maharashtra’s Vidarbha and Marathwada regions.

Soybean, a key cash crop, is primarily grown before Diwali, as it provides farmers with immediate liquidity during the festive season. The Vidarbha and Marathwada regions are especially significant for soybean cultivation, with districts like Washim, Buldhana, Akola, Amravati, Yavatmal, Wardha, Nagpur, Chandrapur, and Bhandara leading the production. Experts estimate that West Vidarbha alone produces soybean worth over Rs 7,100 crore annually.

Earlier, the Maharashtra government had announced a financial aid of Rs 5,000 for distressed farmers to mitigate their losses. Deputy Chief Minister Devendra Fadnavis also introduced the Bhavantar Yojana, which ensures farmers receive the price difference between the MSP and lower market rates directly in their bank accounts. While these measures provided some relief, the Prime Minister’s announcement of Rs 6,000 MSP has brought new optimism and hope among soybean farmers.