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India has raised the minimum support prices for six Rabi crops amid concerns over inflation.
The hikes ranged from Rs 100 to Rs 500 a quintal for the marketing season 2023-24, as announced by Information & Broadcasting Minister Anurag Thakur at the cabinet briefing in New Delhi on Tuesday.
Lentils (masur) saw the highest hike of about 9% to Rs 500 per quintal.
Prices of rapeseed and mustard were hiked 7.92%, while barley and wheat were increased by 6.11% and 5.45%, respectively, over the previous season
“The government has taken steps to ensure that the farmers will get a cost plus (+) 50% minimum profit (this season),” Thakur said at the briefing.
While the hike in MSP makes it imperative that farmers are compensated adequately, this may propel the already high inflation levels.
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