New Delhi, Oct 3: The Cabinet has approved a Rs 105 per quintal hike in the minimum support price of wheat to Rs 1,840 per quintal for 2018-19 season, sources said.
The Union Cabinet, chaired by Prime Minister Narendra Modi, in its meeting on Wednesday approved minimum support prices (MSP) of Rabi crops, they said.
The MSP of wheat was Rs 1,735 per quintal in the 2017-18 crop year. The MSP has been increased according to the recommendations of farm advisory body CACP and is in line with the government's announcement to provide farmers a 50 per cent profit over the cost of production.
The cabinet has approved Minimum Support Price (MSP) for wheat to be increased from Rs 1,735 per quintal to Rs 1,840; gram from Rs 4,400 to Rs 4,620 per quintal; masur from Rs 4,250 to Rs 4,475 per quintal; sunflower from Rs 4,100 to Rs 4,945 per quintal, sources said.
Updates follow soon