Govt hikes wheat MSP by ₹150 per quintal to ₹2,275/quintal for 2024-25: I&B minister-OxBig News Network

Union Minister Anurag Thakur addresses the media during cabinet briefing, in New Delhi, on Oct. 18, 2023.
| Photo Credit: PTI

Ahead of assembly polls in key wheat growing states, the government on Wednesday announced an increase in the minimum support price (MSP) of wheat by ₹150 to ₹2,275 per quintal for the 2024-25 marketing season.

This is the highest increase by the Narendra Modi-led government since it came to power in 2014.

Also read: Explained | Will a hike in MSP help farmers?

A decision in this regard was taken in the meeting of the Cabinet Committee on Economic Affairs (CCEA) chaired by Prime Minister Modi.

Currently, the MSP on wheat stands at ₹2,125 per quintal for the 2023-24 marketing season (April-March).

Briefing media, I&B minister Anurag Thakur said the CCEA has approved the increase in the MSP for all mandated rabi crops for 2024-25 marketing season.

“Based on the CACP recommendation, we have increased the MSP of six rabi crops. Wheat MSP has been increased by ₹150 per quintal,” he said.

Also read: Explained | What will a legal guarantee of MSP involve?

The support price of wheat has been increased to ₹2,275 per quintal for 2024-25 marketing season, from ₹2,125 per quintal in 2023-24, he added.

Wheat is the main rabi (winter) crop, sowing of which begins in October, while harvesting in April.

MSP is the minimum rate ensured to protect the interest of farmers and below this rate the grain is not purchased by the government procurement agencies.