New Delhi: The government on Wednesday increased the minimum support price (MSP) for wheat by Rs 85 to Rs 1,925 a quintal and for pulses by up to Rs 325 per quintal, official sources said.
A decision in this regard was taken at the meeting of the Cabinet Committee on Economic Affairs (CCEA), headed by Prime Minister Narendra Modi.
The CCEA has approved the MSPs of all rabi (winter-sown) crops for the 2019-20 crop year (July-June) as recommended by the government's farm price advisory body CACP, the sources added.
MSP is the rate at which the government buys grains from farmers.
According to sources, the CCEA has approved Rs 85 per quintal hike in wheat MSP to Rs 1,925 per quintal for the 2019-20 rabi crop, up from Rs 1,840 per quintal last year.
Barley MSP has also been increased by Rs 85 to Rs 1,525 per quintal for the current year from Rs 1,440 per quintal last year.
To encourage cultivation of pulses, the support price of masoor has been increased by Rs 325 to Rs 4,800 per quintal for this year from Rs 4,475 per quintal last year.
Similarly, the MSP of gram has been hiked by Rs 255 to Rs 4,875 per quintal for this year from Rs 4,620 per quintal last year.