Minimum Support Price (MSP) & Bonus For Kharif Crops In Year 2017-18
In the year 2017-18 the cabinet ministry chaired by the prime minister of India Shree Narendra Modi, has given a nod to increase in the minimum support price. Also along with increase in MSP this year the government will provide bonus on selective crops.
“Central government has announced Crop Insurance Scheme for the betterment of farmers. You can read How to Apply for Pradhan Mantri Fasal Bima Yojana Online.”
What is MSP?
MSP is minimum price of crops set by the government. There are certain crops that are being priced by the government in the time of sowing the crop. MSP shows the minimum price level with which the farmer can sell off the goods. If there is a fall in farm market or prices, MSP will not be changed. Buyers will have to spend the MSP to buy those products.
“For reducing burden of loan, central has announced insurance scheme. you can read Premium Rate Of Pradhan Mantri Fasal Bima Yojana.”
Kharif Crops MSP in 2017-18
The minimum support price is being increased for the Kharif crops in the current financial year. The 2017-18 season MSP is as follows:
|Crops||MSP per quintal|
Grade A: 1590
These are the crops where the MSP has increased but no bonus was being paid. In the year 2017-18 seasons, there will be no bonus on these crops.
Kharif Crops Bonus 2017-18
Bonus is said to be an extra amount of price that will be added on and above the MSP this year. There are a number of crops which will have the bonus price over the MSP. This will help the crops to sell more and encourage the farmers to harvest more. This will also help the farmers to recover their loss from farming.
Official Link for the MSP and Bonus in 2017-18 seasons
The official link for to know more about the minimum support price and the bonus is as follows: http://farmer.gov.in/mspstatements.aspx.
Difference between MSP and Bonus in 2017-18 and MSP in 2016-17
|Crops||MSP (2016-17) per quintal||MSP (2017-18) Per quintal||Bonus(2017-18)||Total|
Grade A: 1510
Grade A: 1590
|Tur||5050 (incl. 425 bonus)||5250||200||5450|
|Moong||5225(incl. 425 bonus)||5375||200||5575|
|Urar||5000(incl. 425 bonus)||5200||200||5400|
|Groundnut||4220 (incl. 100 bonus)||4250||200||4450|
|Soyabean||2775(incl. 100 bonus)||2850||200||3050|
|Sunflower seed||3950 (incl. 100 bonus)||4000||100||4100|
|Sesamum||5000 (incl. 200 bonus)||5200||100||5300|
|Nigerseed||3825 (incl. 100 bonus)||3950||100||4050|
|Cotton||Medium staple: 3860
Long staple: 4100
|Medium staple: 4020
Long staple: 4320
These are the details and comparison between the year 2016-17 and 2017-18 MSP and Bonus prices. The MSP was set on the basis of recommendation of Commission for Agricultural Cost and Prices (CACP). This further leads to the cost of production and overall market demand and supply.