Cost Of Land Factored Into MSP, Says Prime Minister
Modi said that the cost of land has been factored in while calculating the minimum support price for crops.
Prime Minister today said the government has included the cost of land and labour in calculating the minimum support price for crops.
Modi was speaking at the Krishi Unnati Mela. Other expenses like the cost of machinery and interest on working capital are all part of the formula being used by the government to arrive at the cost of production for individual crops, he added. Finance Minister Arun Jaitley, had in his Budget speech said that the MSP or minimum support price for most Kharif crops have been set at 1.5 times the cost of producing it. The calculation had first been proposed by a committee set up under the chairmanship of MS Swaminathan.
Modi was addressing agriculturalists for the first time after more than 50,000 farmers staged a peaceful protest in Mumbai, earlier this week.
The Prime Minister also said that the Centre is working with the state governments for the implementation of the scheme to double farmers income by 2022.