Increase in Minimum Support Prices (MSP) by Indian Government
The Indian Government has significantly increased the budget allocation for the Department of Agriculture & Farmers Welfare, enhancing it from Rs. 21,933.50 crore in 2013-14 to Rs. 1,37,756.55 crore in 2025-26. This increase supports various schemes aimed at boosting farmers' income, including the Pradhan Mantri Kisan Samman Nidhi and the Pradhan Mantri Fasal Bima Yojana. The government also fixes Minimum Support Prices (MSPs) for 22 agricultural crops, ensuring farmers receive a minimum return of 50% over the cost of production. A committee has been established to enhance the effectiveness and transparency of MSPs.
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