Government focus on farmers, considering an increase in MSP for soybean and cotton

The Central Government has approved the purchase of soybean crops from farmers in Madhya Pradesh at the Minimum Support Price (MSP). Union Minister of Agriculture and Farmers' Welfare, Shivraj Singh Chouhan, shared this information. The Madhya Pradesh cabinet, led by Chief Minister Mohan Yadav, had sent the proposal for approval to the center on Tuesday. In recent days, farmers in Madhya Pradesh were concerned about selling soybean at prices lower than the MSP. However, the government promptly responded by approving the proposal that came last night for the purchase of soybean at MSP.

Cotton prices have been witnessing a continuous surge due to a shortage in the market. Prices have risen about 3% above the Minimum Support Price (MSP) in the current Kharif season. Farmers have planted cotton over 1.1 million hectares less compared to the previous year. Additionally, heavy rains in major cotton-producing states such as Maharashtra, Telangana, and Andhra Pradesh have caused significant damage to the cotton crop.

MSP Hike for Soybean in MP:

The Madhya Pradesh cabinet has approved a proposal to increase the MSP of soybean to ₹4,892 per quintal for the financial year 2024-25. Union Minister Shivraj Singh Chouhan stated that while the center has already approved proposals from three other states, including Maharashtra, the proposal from MP is being considered on priority. After the cabinet meeting, Urban Development Minister Kailash Vijayvargiya said that Chief Minister Mohan Yadav had proposed raising the soybean MSP to ₹4,892 per quintal, and the cabinet gave its approval.

Cotton MSP Sees a Hike:

The Central Government has raised the MSP for cotton by ₹501 for the 2024-25 season. For the medium staple category, the MSP is now ₹7,121 per quintal, while for the long staple category, it has been increased to ₹7,521 per quintal. The gap between the average market price of cotton and the MSP has now widened to ₹300-400 per quintal. These changes in MSP for both soybean and cotton come as a relief for farmers, offering them better returns and providing support to the agriculture sector amidst market fluctuations.