Prime Minister Narendra Modi (File Photo)

New Delhi: Prime Minister Narendra Modi on Saturday described the Union Cabinet's decision to increase the minimum support price (MSP) of all essential Kharif crops for the 2023-24 marketing season as important for farmers and said it will give them a remunerative price for their produce as well as boost efforts to diversify crops.

The Cabinet Committee on Economic Affairs (CCEA) has increased the MSP of paddy by Rs 143 to Rs 2,183 per quintal this Kharif season. This is the second largest increase in the last decade. The MSP for Kharif crops for the year 2023-24 has been increased from 5.3 percent to 10.35 percent. Overall, the MSP has been increased from Rs 128 to Rs 805 per quintal.

"In the last nine years, several important decisions have been taken in the interest of our farmer brothers and sisters. In this episode, today the government has approved the increase in MSP for Kharif crops. This will not only provide remunerative prices to the farmers but will also boost efforts to diversify crops," he said.