The government on Wednesday hiked the minimum support price (MSP) of paddy by Rs 100 to Rs 2,040 per quintal for the 2022-23 crop year.
The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi, approved the increase in MSP for all mandated Kharif (summer) crops for the 2022-23 crop year.
"In today's cabinet meeting, MSP of 14 kharif crops was approved," Information and Broadcasting Minister Anurag Thakur told reporters.
The MSP of common grade variety of paddy has been increased to Rs 2,040 per quintal for the 2022-23 crop year from Rs 1,940 in the previous year.
The support price of 'A' grade variety of paddy has been hiked to Rs 2,060 per quintal from Rs 1,960.
Paddy is the main kharif crop, the sowing of which has already begun. The Met department has projected normal monsoon for the June-September period.
The minister also highlighted several programmes launched during the last eight years by the Modi government to boost farmers' income and ensure comprehensive growth of the farm sector.