MP Cabinet Approves Hike in Soybean MSP to Rs 4,800; Awaits Centre's Nod

Madhya Pradesh government has decided to appeal to the Centre to raise the Minimum Support Price (MSP) for soybean from the current rate of Rs 4,000 to Rs 4,800 per quintal. This decision was made during a cabinet meeting held on September 09, 2024, spearheaded by Chief Minister Mohan Yadav, to ensure better prices for farmers in the state.

The dissatisfaction among soybean farmers over the current MSP prompted the government's action. Speaking to reporters post-meeting, State Urban Development Minister Kailash Vijayvargiya confirmed the cabinet's approval of the proposal to raise the MSP. He highlighted that although the state produces high-quality soybeans, farmers are not receiving adequate compensation for their efforts. The existing price of Rs 4,000 per quintal is deemed insufficient, and the state is now seeking the Centre's approval to implement the proposed hike to Rs 4,800 per quintal.

Vijayvargiya further assured that once the proposal is approved by the Centre, state governments will be given immediate permission to purchase soybean at the revised MSP. This move is seen as a significant step in addressing the concerns of farmers, not only in Madhya Pradesh but also in other states.

Earlier, the Chief Minister had stated that the Centre is committed to procuring soybeans at the MSP under the Price Support Scheme (PSS). He noted that states such as Maharashtra and Karnataka had previously requested permission to buy soybean at MSP, and approval was granted under the PSS. The state government is now actively engaging with the Centre to secure similar benefits for its farmers.