Markets

There Is A Case For Making MSP Legal If Open Market Prices Higher: Ramesh Chand

NITI Aayog Member Ramesh Chand said there is a case for making minimum support price for crops legal in case the open market price is higher than the government offered MSP. The government recently formed a 29-member committee to provide transparency on MSP. Chand said that the committee may also suggest other ways to provide MSP apart from physical procurement which will reduce the government cost greatly. He said that its coverage can be increased if the government pays the price difference between the open market price and the MSP. For every MSP of Rs 100 for wheat, the procurement cost to govt is approx Rs 35. Chand said that if the global input prices continue to rise, the government can consider giving a bonus for next season instead of revision the MSP.

Source link

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Back to top button