Rabi Crops Price Policy 2023-24
The “Price Policy for Rabi Crops: The Marketing Season 2023-24” report contains the recommendations on Minimum Support Prices (MSP) for the mandated six rabi crops, namely, wheat, barley, gram, lentil, rapeseed-mustard and safflower, and a set of non-price recommendations. These recommendations will incentivise and encourage farmers to adopt modern technologies and practices and desirable shift in cropping pattern to improve farm income and competitiveness of Indian agriculture.
Summary of Recommendations is followed by an overview of Indian agriculture in Chapter 1. Chapter 2 of the report discusses demand-supply outlook and price trends in domestic and world markets, terms of trade and procurement operations. Trends in productivity and important drivers of productivity growth are analysed in Chapter 3. Trade patterns, comparison of domestic and world prices, a review of recent trade policy development and trade outlook are discussed in Chapter 4. Costs, returns and cost projections for Rabi Marketing Season 2023-24 including inter-crop parity issue are analysed in Chapter 5. Finally, in chapter 6, major considerations and recommendations of the Minimum Support Prices (MSP) and key non-price policy suggestions are presented.
Price Policy for Rabi Crops: The Marketing Season 2023-24
Agriculture sector has remained resilient throughout the pandemic years registering a robust real agricultural growth of 3.3 percent in 2020-21 and 3.0 percent in 2021-22. The Third Advance Estimates expect the foodgrains production to reach a record level of 314.5 million tonnes which is 1.2 percent higher than the previous year. This record foodgrains production for a sixth consecutive year in 2021-22 is attributed to an increase in pulses and cereal production during rabi and kharif seasons, respectively. Further the total production of nine oilseeds in 2021-22 is estimated at 38.5 million tonnes with a growth rate of 7.1 percent over the previous year.
The ongoing geo-political conflict of Ukraine and Russia has led to increase in the international prices of foodgrains making India’s agricultural exports competitive. The agriculture exports registered a growth rate of 21.7 percent in 2021-22 over the last year mainly driven by rise in exports of wheat, non-basmati rice, and raw cotton. This chapter discusses overall production scenario of MSP mandated rabi crops and highlights key issues concerning Indian agriculture.
Contents:-
- Acronyms
- Summary of Recommendations
- Price Policy Recommendations
- Non Price Policy Recommendations
- Overview
- Supply -Demand Scenario, Price Trends and Procurement Operations in Rabi Crops
- Crop Yield: Trends and Drivers
- Trade Performance, Competitiveness and Outlook for Indian Agriculture
- Costs, Returns and Inter-Crop Parity
- Considerations and Recommendations for Price Policy
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