The Union Cabinet on Wednesday approved the proposal to hike the Minimum Support Price (MSP) for Kharif crops, which was made in the Budget 2018 by Finance Minister Arun Jaitley. The MSP for paddy has been raised by around Rs 250 per quintal. The decision, taken by the Union Cabinet headed by Prime Minister Narendra Modi, comes less than a year before next general election. In the Budget 2018, the government proposed to hike MSP of crops to one-and-half times of the procurement cost. While there have been some concerns over the hike in the MSP leading to higher inflation, NITI Aayog Vice Chairman said that he did not think there should be any concern on fiscal slippage.
The Union Cabinet on Wednesday approved the proposal to hike the Minimum Support Price (MSP) for Kharif crops, which was made in the Budget 2018 by Finance Minister Arun Jaitley. The MSP for paddy has been raised by around Rs 250 per quintal. The decision, taken by the Union Cabinet headed by Prime Minister Narendra Modi, comes less than a year before next general election. In the Budget 2018, the government proposed to hike MSP of crops to one-and-half times of the procurement cost. While there have been some concerns over the hike in the MSP leading to higher inflation, NITI Aayog Vice Chairman said that he did not think there should be any concern on fiscal slippage.
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