Government to Purchase Soybean at MSP
Union Agriculture and Farmers Welfare Minister Shivraj Singh Chouhan recently met with farmers and the Farmers Union to discuss important agricultural issues. He announced that the government will buy soybean crops from Maharashtra, Karnataka, and Madhya Pradesh at the Minimum Support Price (MSP). Additionally, import duties on oil from other countries have been increased to support local oilseed prices.
Increased MSP for Rabi Crops
Prime Minister Narendra Modi has resolved to ensure that crops are purchased at a minimum of 50% profit above the cost of production. The Cabinet Committee on Economic Affairs, led by PM Modi, approved an increase in MSP for all mandated Rabi Crops for the 2025-26 marketing season. The highest increase is for Rapeseed & Mustard at Rs 300 per quintal, followed by Lentil at Rs 275 per quintal. Other crops like gram, wheat, safflower, and barley also saw increases.
Ensuring Fair Prices for Farmers
The increase in MSP aligns with the Union Budget 2018-19’s goal of setting MSP at 1.5 times the cost of production. This move aims to provide fair prices to farmers and encourage crop diversification.
Doubts Revealed
Shivraj Singh Chouhan -: Shivraj Singh Chouhan is an Indian politician who is a member of the Bharatiya Janata Party (BJP). He has served as the Chief Minister of the Indian state of Madhya Pradesh.
MSP -: MSP stands for Minimum Support Price. It is a price set by the government to purchase directly from the farmer, to ensure they get a fair price for their crops.
Soybean -: Soybean is a type of legume that is grown for its edible bean. It is used in many food products and is also a source of oil.
Rabi Crops -: Rabi crops are crops that are sown in winter and harvested in the spring in India. Examples include wheat, barley, and mustard.
Import duties -: Import duties are taxes imposed on goods brought into a country. Raising import duties on oil means making imported oil more expensive to encourage people to buy locally produced oil.
Union Budget 2018-19 -: The Union Budget 2018-19 was the financial plan for India for the year 2018-19. It included goals and allocations for various sectors, including agriculture.
Rapeseed & Mustard -: Rapeseed and mustard are types of oilseed crops. They are grown for their seeds, which are used to produce oil.