Cabinet approves hike in MSP for copra

at 4:16 pm

New Delhi (NVI): The Union Cabinet has approved the increase in the Minimum Support Price (MSP) of copra for 2021 season by Rs 375 per quintal.

Union Minister Prakash Javadekar made the announcement at Cabinet meeting chaired by Prime Minister Narendra Modi and said this will benefit millions of farmers engaged in copra farming.

According to an official statement, the MSP for fair average quality (FAQ) of milling copra has been increased by Rs 375 to Rs 10,335 per quintal for 2021 season from Rs 9,960 per quintal in 2020.

“The MSP for ball copra has been increased by Rs 300 to Rs 10,600 per quintal for 2021 season from Rs 10,300 per quintal in 2020,” it added.

Moreover, the declared MSP ensures a return of 51.87 percent for milling copra and 55.76 percent for ball copra over the all-India weighted average cost of production. The approval is based on recommendations of the Commission for Agricultural Costs and Prices (CACP).

The Cabinet Committee in a statement said that, the increase in MSP for copra for 2021 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.

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.

“For 2020 season, the government has procured 5053.34 tonnes of ball copra and 35.58 tonnes of milling copra benefiting 4896 copra farmers,” the statement said.