Rattled by spate of farmer suicide cases and their sad plight in many parts of the country, the government has come out with its plan to bail them out of their crisis. In a significant move the Union Cabinet has gone ahead and approved Minimum Support Price (MSP) for notified agricultural crops to provide farmers a profit of 50 per cent over the cost of production.
While addressing the media , Union Minister Rajnath Singh said the cabinet had taken the “historic” decision to give MSP of 1.5 times on the input cost to farmers, which will be a “big boost” to the economy.
Last month, Prime Minister Narendra Modi had announced that the Union Cabinet would approve a Minimum Support Price (MSP) of 150 per cent of input cost for Kharif crops in the 2018-2019 season.
“By 2022, the incomes of the farmers will be doubled, as promised by the government. This decision will increase the purchasing capacity of the farmers which in turn will widen the economic impact,” said Rajnath Singh at the Cabinet briefing.