Tribune News Service
New Delhi, June 1
The government today hiked the Minimum Support Price (MSP) of paddy marginally by Rs 53 per quintal to Rs 1,868 per quintal for the common variety and Rs 1,888 for ‘Grade A’ for the crop year 2020-21. As recommended by the Commission for Agricultural Costs and Prices (CACP), the rates of all 14 crops of the season, including oilseeds, pulses and cereals, have been raised.
The Cabinet also extended the repayment date for short-term agriculture loans up to Rs 3 lakh due between March 1 and August 3. This will help farmers repay/renew such loans up to the extended repayment date at 4 per cent per annum interest without attracting penalty. They will not have to visit the banks for such renewal amid the Covid-19 pandemic, Agriculture Minister Narendra Singh Tomar announced after a Cabinet meeting chaired by PM Narendra Modi.
The government claimed big benefits with returns on cost as high as 83% for bajra and 50 per cent for paddy (both common and Grade A), but the farmers termed the increase ‘miniscule’. Tomar said the increase in the paddy support price would ensure 50% return on the cost.
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