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Govt hikes support price of wheat by Rs 50 to Rs 1,450 a quintal

India Blooms News Service | | 29 Oct 2014, 11:05 pm
New Delhi, Oct 29 (IBNS): The Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi on Wednesday raised the minimum support price (MSP) for wheat by a nominal Rs 50 to 1,450 a quintal for Rabi Crops of 2014-15 season to be marketed in 2015-16.
Wheat MSP stood at Rs 1,400 per quintal last year.
"The Cabinet Committee on Economic Affairs (CCEA) has approved the MSP for Rabi Crops of 2014-15 season to be marketed in 2015-16," an official statement said. 
The price has been set on the recommendations of the Commission for Agricultural Costs and Prices (CACP).  
"This will help in higher production through assured remunerative prices to the farmers," the statement said.
The government also said that the National Agricultural Cooperative Marketing Federation (NAFED), National Cooperative Consumers’ Federation (NCCF), Central Warehousing Corporation (CWC) and Small Farmers Agri Business Consortium (SFAC) will be the nodal agencies for procurement of oilseeds and pulses, and losses if any, incurred by the nodal agencies in such operations would be fully reimbursed.