Madhya Pradesh and Maharashtra Raise Soybean MSP to ₹4,800 per Quintal Amid Farmer Concerns

Sep 11, 2024, 10:41 AM

The Madhya Pradesh government has approved a proposal to increase the minimum support price (MSP) for soybean to ₹4,800 per quintal, up from the current price of close to ₹4,000. This decision comes in response to concerns from farmers who were distressed as soybean prices had fallen below the MSP due to bumper supplies and unrestricted imports of cheap edible oils. Union Agriculture Minister Shivraj Singh Chouhan emphasized that agriculture and farmer welfare are top priorities for Prime Minister Narendra Modi. The MSP procurement of soybean was also approved in Maharashtra.