India: Indian Government Hikes Minimum Support Prices for 2023-2024 Summer Crops

On June 7, 2022, the Indian government announced the Minimum Support Prices (MSP) for all kharif (summer sown, autumn harvested) crops for Indian crop year (ICY) 2023/2024. As in previous years, all authorized kharif crops have significant increases in their minimum procurement prices, with paddy rice, moong bean, sesame, and cotton experiencing the largest year-on-year increase. Backed by a strong ICY 2022/23 rabi (autumn sown, spring harvested) crop performance, including wheat and rapeseed-mustard, the government’s MSP announcement comes as it looks to increase farmer incomes while boosting export demand in lead up to parliamentary elections in April/May 2024.