The Narendra Modi-led NDA government is working out the minimum support price (MSP) on the lines of the BJP manifesto to ensure 50 per cent profit to farmers. The MSP is likely to be announced by mid-June, said Union agriculture minister Radhamohan Singh on Monday.
The minister, however, stated that the MSP of agri-crops will be determined based on the existing formula adopted by the government’s statutory body Commission for Agricultural Costs and Prices. The CACP has suggested a moderate hike in the MSP of paddy by `50 to `1,360/quintal for 2014-15 and up to `100/quintal raise in pulses MSP.