Over Rs 1.59 Lakh Crore Paid As MSP For Paddy Procurement, Benefits 1.12 Crore Farmers: Govt

In the ongoing Kharif Marketing Season 2022-23, Minimum Support Price (MSP) of Rs 159,659.59 crores has been paid for paddy procurement, benefitting 1,12,96,159 farmers, an official release said on Friday (26 May).

Further, over 520 lakh metric tonne (LMT) rice has been procured up to 22 May in the ongoing KMS.

"During the Kharif Marketing Season (KMS) 2022-23, (upto 22.05.2023), the production of rice is 1308.37 LMTs (as per second advance estimate), procurement estimate of rice is 626.06 LMTs and quantity of rice procured is 520.63 LMTs. In KMS 2022-23 (upto 22.05.2023), this has led to MSP payment of Rs.159,659.59 Crores and benefited 1,12,96,159 farmers," the Ministry of Food and Public Distribution said on Friday.

FCI, the nodal central agency of Government of India, along with other state agencies undertakes procurement of paddy under price support scheme. The procurement operations are majorly carried out by State Govts and their agencies.

Before the harvest, during each Rabi / Kharif Crop season, the Government of India declares the MSP for procurement on the basis of the recommendation of the Commission of Agricultural Costs and Prices (CACP) which along with other factors, takes into consideration the cost of various agricultural inputs and the reasonable margin for the farmers for their produce.

MSP operations are given wide publicity through pamphlets, banners, sign boards, radio, TV and advertisements through print and electronic media.