NEW DELHI: Ahead of assembly polls in key wheat growing states, the government on Wednesday announced an increase in the minimum support price (MSP) of wheat by Rs 150 to Rs 2,275 per quintal for the 2024-25 marketing season.
This is the highest increase by the Narendra Modi-led government since it came to power in 2014.
A decision in this regard was taken in the meeting of the Cabinet Committee on Economic Affairs (CCEA) chaired by Prime Minister Modi.
Currently, the MSP on wheat stands at Rs 2,125 per quintal for the 2023-24 marketing season (April-March).
Briefing media, I&B minister Anurag Thakur said the CCEA has approved the increase in the MSP for all mandated rabi crops for 2024-25 marketing season.
"Based on the CACP recommendation, we have increased the MSP of six rabi crops. Wheat MSP has been increased by Rs 150 per quintal," he said.
The support price of wheat has been increased to Rs 2,275 per cent quintal for 2024-25 marketing season, from Rs 2,125 per quintal in 2023-24, he added.
Wheat is the main rabi (winter) crop, sowing of which begins in October, while harvesting in April.
MSP is the minimum rate ensured to protect the interest of farmers and below this rate the grain is not purchased by the government procurement agencies.