Union Cabinet approves increase in MSP for Rabi crops for 2021-22 crop year
The differential remuneration is aimed at encouraging crop diversification, a release from the CCEA read.
FollowNew Delhi: The Union Cabinet chaired by Prime Minister Narendra Modi approved the increase in minimum support price (MSP) of Rabi crops for 2022-23 rabi marketing season (RMS).
The highest absolute increase in MSP has been suggested for lentil (masur) and rapeseeds and mustard at Rs 400 per quintal each.
Union Ministers Anurag Thakur and Piyush Goyal while addressing the cabinet briefing on Wednesday also announced that in case of safflower, there has been an increase of Rs.114 per quintal, in comparison to last year.
The differential remuneration is aimed at encouraging crop diversification, a release from the CCEA read.
“Union Cabinet has approved Production Linked Incentive (PLI) scheme for Textiles. Incentives worth Rs 10,683 crores will be provided over 5 years,” said Union Minister Anurag Thakur, reports ANI.
The Cabinet has approved the PLI scheme for textiles for MMF (man-made fibre) apparel, MMF fabrics, and ten segments/products of technical textiles with a budgetary outlay of Rs 10,683 crore that will be provided over 5 years.
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“So far, we have primarily focused on cotton textile. But 2/3 share of the international textile market is of man-made & technical textile. This PLI scheme has been approved so that India can also contribute to the production of man-made fibers,” said Union Minister Piyush Goyal reports ANI.
The government said it has made concerted efforts over the last few years to realign MSPs in favour of oilseeds, pulses and coarse cereals to encourage farmers to shift to larger area under these crops and adopt best technologies and farm practices, to correct demand-supply imbalance.
The increase in MSP along with the recently announced National Mission on Edible Oils-Oil Palm will not only aid in expanding area and productivity but also benefit the farmers by increasing their income and generating additional employment.
The Umbrella Scheme "Pradhan Mantri Annadata Aay SanraksHan Abhiyan' (PM-AASHA) announced by the government in 2018 will aid in providing remunerative return to farmers for their produce. The Umbrella Scheme consists of three sub-schemes i.e. Price Support Scheme (PSS), Price Deficiency Payment Scheme (PDPS) and Private Procurement and Stockist Scheme (PPSS) on a pilot basis.
(With inputs from agency)
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