Union Cabinet Approves MSP Hike for 14 Crops Ahead of Kharif Season | Major Port and Airport Projects Also Greenlit

Union Cabinet Approves MSP Hike for 14 Crops Ahead of Kharif Season | Major Port and Airport Projects Also Greenlit

The Union Cabinet has made a significant move by approving a minimum support price (MSP) for 14 crops ahead of the upcoming Kharif (summer) sowing season. This decision includes an increase in MSP for paddy by ₹117 per quintal, marking a 5.35% rise from the previous season. Information and Broadcasting Minister Ashwini Vaishnaw highlighted that this decision aligns with the government’s commitment to ensure that MSP is at least 1.5 times the cost of production, a principle outlined in the 2018 Union Budget.

The decision covers a range of crops, including cotton, millets like jowar, ragi, bajra, and maize, and pulses such as moong, tur, and urad. MSP has also increased for oilseeds like sunflower and groundnut. According to news agency ANI, the adjustment in MSP is expected to result in farmers gaining ₹35,000 crore more compared to the previous year.

#Cabinet under PM Sh @NarendraModi approves Minimum Support Prices (MSP) for Kharif Crops for Marketing Season 2024-25

The highest absolute increase in MSP over the previous year has been recommended for oilseeds and pulses#CabinetDecisions pic.twitter.com/6qxfvjFXDD

— Dr Jitendra Singh (@DrJitendraSingh) June 19, 2024

In addition to the MSP announcement, Prime Minister Narendra Modi has emphasized the government’s focus on agriculture’s role in driving India’s economy and expanding exports. He highlighted local products like Varanasi’s Langda mango, Jaunpur’s radish, and Ghazipur’s ladyfinger making their mark in international markets. He expressed aspirations for Indian food products to become household names worldwide.

#Cabinet under PM Sh @NarendraModi approves Viability Gap Funding (VGF) scheme for implementation of Offshore Wind Energy Projects
 
Scheme aims to set up first ever offshore wind energy projects in India#CabinetDecisions pic.twitter.com/uRmgN7iGUh

— Dr Jitendra Singh (@DrJitendraSingh) June 19, 2024

Among other critical decisions, the Cabinet has given the green light to set up a significant greenfield port at Vadhavan near Dahanu in Maharashtra. The Vadhavan Port Project Limited, a joint venture between the Jawaharlal Nehru Port Authority and Maharashtra Maritime Board, will execute this project. Additionally, the Cabinet approved a viability gap funding (VGF) scheme for offshore wind energy projects, allocating funds for installing 1 gigawatt (GW) capacity offshore wind energy projects off Gujarat and Tamil Nadu coasts.

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Furthermore, the Cabinet has also approved a proposal to develop the Lal Bahadur Shastri International Airport in Varanasi, including the construction of a new terminal building and runway extension. These decisions underscore the government’s focus on infrastructure development, sustainable energy initiatives, and agricultural reforms.