Mumbai: The Reserve Bank of India's annual report released on Thursday said the minimum support price (MSP) for both Kharif and Rabi seasons 2023-24 has ensured a minimum return of 50 per cent on the cost of production for all crops.
The report said the total public stock of food grains as on March 31, 2024, was 2.9 times the total quarterly buffer norm.
On November 29, 2023, the government extended the scheme of free food grains distribution under the Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY) for five more years from January 1, 2024.
The report, which is a statutory report of the Central Board of Directors of the RBI, said agriculture and allied activities face headwinds from the strong E-Nino conditions as well as uneven and deficient south-west monsoon (SWM) rainfall. Had to do.
The overall SWM rainfall in 2023 (June-September) was 6 per cent below the loan period average (LPA) at all India level.
According to the second advance estimate, production of kharif and Rab food grains in 2023-24 was 1.3 per cent lower than the final estimate of last year.
The report said millet production could benefit from increased productivity.
In 2023-24, MSP was increased by 5.3-10.4 percent for Khari crops and 2.0-7.1 percent for Rabi crops.
Among Kharif crops, the highest increase in MSP was observed for Moong, while among Rabi crops, the highest increase was observed in MSP for Lentil and Wheat.
The report said the total public stock of food grains as on March 31, 2024, was 2.9 times the total quarterly buffer norm.
On November 29, 2023, the government extended the scheme of free food grains distribution under the Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY) for five more years from January 1, 2024.
The report, which is a statutory report of the Central Board of Directors of the RBI, said agriculture and allied activities face headwinds from the strong E-Nino conditions as well as uneven and deficient south-west monsoon (SWM) rainfall. Had to do.
The overall SWM rainfall in 2023 (June-September) was 6 per cent below the loan period average (LPA) at all India level.
According to the second advance estimate, production of kharif and Rab food grains in 2023-24 was 1.3 per cent lower than the final estimate of last year.
The report said millet production could benefit from increased productivity.
In 2023-24, MSP was increased by 5.3-10.4 percent for Khari crops and 2.0-7.1 percent for Rabi crops.
Among Kharif crops, the highest increase in MSP was observed for Moong, while among Rabi crops, the highest increase was observed in MSP for Lentil and Wheat.