After farmers in India suffered significantly from the drop in prices due to the oversupply of the commodities especially Pulses, as they were forced to sell their produce at lower price and now the government has intervened and increased the Minimum Support Price (MSP) of Pulses, Oil Seed and Cotton for 2017-18 crop year.
The government has asked the states to procure the produce by all means so that farmers will not be forced to sell their produce at lower rates, which will be a huge relief for the farmers around the country.
The Pulses production for the 2016-17 crop year is estimated to be a record 22.40 million tons and so the maximum increase in MSP is seen in Pulses. MSP for Tur is increased to Rs 5450 per quintal including a bonus of Rs 200. During 2016-17 MSP for Tur was Rs 5050 per quintal. MSP of Moong Dal is increased to Rs 5575 per quintal.
MSP of Urad is increased to Rs 5400 per quintal from Rs 5000 per quintal in 2016-17. MSP of various Oil Seeds which increased are, Groundnut to Rs 4450 per quintal, Soybean to Rs 3050 per quintal, Sunflower Seed to Rs 4100 per quintal, sesame to Rs 5300 per quintal and Niger seed to Rs 4050 per quintal.