New Delhi, Mar 13 (TNCCurrentAffairs) The Union Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi on Friday gave its approval for the Minimum Support Prices (MSPs) for copra for 2020 season.
“The MSP for Fair Average Quality (FAQ) of milling copra has been increased to Rs. 9,960/- per quintal for 2020 season from Rs. 9,521/- per quintal in 2019 and the MSP for ball copra has been increased to Rs. 10,300/- per quintal for 2020 season from Rs. 9,920/- per quintal in 2019”, said Union I&B Minister Prakash Javadekar.
This will accrue a benefit of Rs 439/- per quintal in the milling copra and Rs 380/- increase in the ball copra.
“This is to ensure a return of 50 percent for milling copra and 55 percent for ball copra over the all India weighted average cost of production”, the Minister said and added that the approval is based on recommendations of the Commission for Agricultural Costs and Prices (CACP).
The increase in MSP for copra for 2020 season is in line with the principle of fixing the MSP at a level of at least 1.5 times the all India weighted average cost of production which was announced by the government in the Budget 2018-19.
It assures a minimum of 50 percent as margin of profit as one of the important and progressive steps towards making possible doubling of farmers’ incomes by 2022.
The National Agricultural Cooperative Marketing Federation of India Limited (NAFED) and National Cooperative Consumer Federation of India Limited (NCCF) will continue to act as Central Nodal Agencies to undertake price support operations at the MSP in the coconut growing states.
India is number one in production and productivity of copra in the world.