NEW DELHI: Prime Minister Narendra Modi on Wednesday said the Cabinet's approval to increase the Minimum Support Prices (MSP) for Rabi crops will ensure maximum remunerative price for farmers and also encourage them to sow a wide variety of crops.
The Cabinet Committee on Economic Affairs (CCEA) chaired by Modi approved the increase in the MSP for all mandated Rabi crops for the Rabi Marketing Season 2022-23.
"Taking another big decision today in the interest of farmer brothers and sisters, the government has approved the increase in MSP of all Rabi crops," Modi tweeted.
"While this will ensure maximum remunerative price for the 'Annadataas', it will also encourage them to sow a wide variety of crops," the prime minister said.
The sowing of Rabi crops begins from October immediately after the harvest of Kharif crops.
Wheat and mustard are major Rabi crops.
The government on Wednesday hiked the MSP for wheat by Rs 40 to Rs 2,015 per quintal and for mustard seed by Rs 400 to Rs 5,050 per quintal for the current crop year in order to boost crop area as well as income of farmers.
MSP is the rate at which the government buys grains from farmers.
Currently, it fixes MSPs for 23 crops grown in both Kharif and Rabi seasons.
Modi also hailed the Cabinet's decision to approve the production-linked incentive (PLI) scheme worth Rs 10,683 crore for the textiles sector with an aim to boost domestic manufacturing and exports.
"Our textiles sector plays a vital role in the economy.
In order to give a further boost to the sector and strengthen our endeavour to create an Aatmanirbhar Bharat, the Cabinet today approved a PLI Scheme for textiles," he said.
"Through the PLI Scheme in textiles, India seeks to emerge as a hub for global textiles manufacturing. The PLI scheme will further women empowerment and accelerate progress in the aspirational districts," the prime minister said.