Centre hikes copra MSP by Rs 255/quintal, ball copra by Rs 400

The government on Wednesday decided to increase the minimum support price (MSP) of milling copra by Rs 255 per quintal and ball copra by Rs 400 per quintal.

The Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi, has given its approval for the minimum support prices (MSPs) for copra for 2022 season.

"The MSP for Fair Average Quality (FAQ) of milling copra has been increased to Rs 10,590 per quintal for 2022 season from Rs 10,335 per quintal in 2021 and the MSP for ball copra has been increased to Rs 11,000/- per quintal for 2022 season from Rs 10,600 per quintal in 2021," an official statement said.

The MSP has been hiked to ensure a return of 51.85 per cent for milling copra and 57.73 per cent for ball copra over the all India weighted average cost of production.

"The increase in MSP for copra for 2022 season is in line with the principle of fixing the MSP at a level of at least 1.5 times the all India weighted average cost of production as announced by the Government in the Budget 2018-19," the statement said.

The decision is based on recommendations of the Commission for Agricultural Costs and Prices (CACP). It assures a minimum of 50 percent as margin of profit as one of the important and progressive steps towards making possible doubling of farmers' incomes by 2022.

The National Agricultural Cooperative Marketing Federation of India Limited and National Cooperative Consumer Federation of India Limited will continue to act as Central Nodal Agencies to undertake price support operations at the MSP in the coconut growing States.