Boost for Farmers: Government Increases MSP for Milling Copra
In a significant move aimed at supporting farmers, the Union Government has approved a Minimum Support Price (MSP) of ₹11,582 per quintal for milling copra for the 2024 season. The decision is expected to provide much-needed relief to coconut farmers and strengthen their financial standing.
The approval, announced on December 21, reflects the government’s commitment to boosting agricultural incomes, especially for coconut growers, who form a vital part of the agricultural economy.
Financial Implications
The increase in MSP will have an estimated financial impact of ₹855 crore on the central exchequer. This adjustment ensures that farmers receive a remunerative price for their produce, thereby reducing their vulnerability to market fluctuations.
The MSP for milling copra represents an increase from the previous year and is calculated to provide farmers a minimum 51.81% return over their cost of production. This marks another step by the government in its ongoing efforts to double farmers’ income.
Support for Ball Copra
In addition to milling copra, the MSP for ball copra has also been revised, now set at ₹12,122 per quintal. This is in line with the government’s broader agricultural policy of ensuring fair compensation for diverse crop varieties.
Focus on Farmer Welfare
Agriculture Minister Narendra Singh Tomar emphasized the importance of this initiative in improving rural livelihoods. He highlighted that this decision aligns with the government’s vision of strengthening the agricultural sector by offering direct financial benefits to farmers.
The increased MSP is expected to encourage more farmers to engage in coconut farming, thereby enhancing domestic production and reducing dependence on imports. Furthermore, this move is likely to boost the copra-based oil industry, which relies heavily on raw materials from domestic cultivators.
By revising MSPs for critical crops like copra, the government aims to ensure price stability and equitable returns, ultimately contributing to the growth of India’s agricultural economy.
