The Cabinet Committee on Economic Affairs on Wednesday increased the Minimum Support Price (MSP) for milling Copra (dry coconut) from Rs 10,335 per quintal to Rs 10,590 per quintal.
The MSP for ball Copra has been increased from Rs 10,600 per quintal to Rs 11,000 per quintal for the year 2022 season, said a senior officer of the Agriculture and Farmer’s Welfare Ministry.
The decision was taken in the CCEA chaired by Prime Minister Narendra Modi after examining the recommendations of the Commission for Agricultural Cost and Prices (CACP).
It was to ensure a margin of profit of 51.85 per cent for milling copra and 57.73 per cent for ball copra over the all India weighted average cost of production, the officer said.
The increase in MSP for copra for 2022 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 as announced by the Government in the Budget 2018-19, he said.
The National Agricultural Cooperative Marketing Federation of India Limited and National Cooperative Consumer Federation of India Limited would also continue to act as Central Nodal Agencies to undertake price support operations at the MSP in the coconut growing States, the Ministry said.