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Union Budget 2018: Government will give 1500 rupees for every 1000 rupees spend by farmer

In an effort to win the farmers’ votes before the general election, this year’s Budget largely focussed on the Agri sector. Finance Minister Arun Jaitley on Thursday announced that the Minimum Support Price (MSP) for notified Kharif crops will be 1.5 times the input cost.

Presenting the Union Budget for 2018-19, Jaitley said: “We have a promise made in our party’s manifesto that farmers must get 1.5 times of the input cost. The government has been sensitive about it.

“For the majority of the notified rabi crops, MSP at 1.5 times over production cost has been decided. Now, the government has decided to make the MSP for all notified crops in the coming Kharif season at least 1.5 times of input cost. It will help in doubling farmers’ income.”

In 2017, the MSP for paddy was pegged at Rs 1,550, for sorghum (jowar) at Rs 1,700 and for red gram (tur/arhar) at Rs 5,450. However, farmers complained that these were lower than the input cost.

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The Minister said higher income for farmers was not possible by just increasing the MSP. So there was a need for a mechanism to ensure that farmers get remunerative prices.

“What is more important is that farmers are benefitted from the notified MSP. If the market prices are lower than MSP, the government must procure at the MSP or devise a new mechanism to ensure farmers get the MSP. NITI Ayog is in discussion with the Centre and states to form a concrete system to ensure remunerative prices,” he said.

“Our emphasis is on generating higher incomes for farmers. We consider agriculture as an enterprise and want farmers to produce more from the same land parcel at a lesser cost and simultaneously realize higher prices for their produce,” he said.


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