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National News

Jun 02, 2020

Govt hikes Minimum Support Price of Kharif crops to boost farmers' income; also raises MSME turnover limit

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Union Cabinet yesterday gave nod to historical decisions aimed at helping the Micro, Small and Medium Enterprises (MSMEs) and farmers. Briefing media in New Delhi, Information and Broadcasting Minister Prakash Javadekar informed that the Cabinet has further revised the definition of MSMEs, a decision which will lead to inclusion of many industrial units under it's ambit.

Those enterprises with investment upto 50 crore rupees and turnover of upto 250 crore rupees will now be able to avail the benefits of MSME sector. All export turnovers of such enterprises will also remain exempted from the total turnover.

Speaking on this occasion, MSME Minister Nitin Gadkari said, Cabinet has also approved distressed MSME fund of 20 thousand crore for extending helping hand to the enterprises in distress. This decision will benefit over two lakh units in the country. He highlighted the decision of creation of Fund of Funds with initial outlay of 50 thousand crore rupees. The amount will be infused in the MSME sector through equity route.

Announcing relief for the farmers, Agriculture Minister Narendra Singh Tomar said, the Minimum Support Prices (MSP) for 14 Kharif crops will be increased upto 83 per cent, to ensure better returns for their farm produce. The government hiked MSP for paddy by 53 rupees per quintal to one thousand 868 rupees per quintal while the MSP for cotton has been increased by 260 rupees to five thousand 515 rupees per quintal for the current crop year.

He informed that the Cabinet has approved extension of repayment date for short term loans for agriculture and allied activities till the end of August this year. The decision will help all farmers whose loan repayment due dates were between 1st March and 31st of August. 

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