The cabinet Thursday approved the agriculture ministry's proposal to hike the minimum support price (MSP) of paddy by Rs.60, from Rs.1,250 per quintal to Rs.1,310 per quintal in a move to encourage farmers to grow more of the staple crop in the summer season, informed sources said.
According to the sources, the cabinet also approved a hike in the MSP of pulses and oilseeds by up to Rs.450 and Rs.320 per quintal, keeping in mind the domestic demand and to cut imports.
Paddy sowing starts in June. The crop is harvested in October.
The met department has predicted a normal monsoon this year, which is being considered good for the paddy crop.
The cabinet also approved a hike of Rs.100 hike in the cotton MSP.
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