CCEA increases the Minimum Support prices for copra for 2023 season
Tags: National Economy/Finance
The Cabinet Committee on Economic Affairs(CCEA) chaired by the Prime Minister Narendra Modi on 23 December 2022 has approved an increase in the Minimum Support Prices (MSPs) for copra for 2023 season. The approval is based on recommendations of the Commission for Agricultural Costs and Prices (CACP).
The MSP for Fair Average Quality of milling copra has been fixed at Rs. 10860/- per quintal and for ball copra at Rs. 11750/- per quintal for 2023 season. This is an increase of Rs. 270/- per quintal for milling copra and Rs. 750/- per quintal for ball copra over the previous season.
The announced MSP of copra for 2023 season is in line with the principle of fixing the MSP at a level of at least 1.5 times all India weighted average cost of production as announced by the Government in the Budget 2018-19.
National Agricultural Cooperative Marketing Federation of India Ltd. (NAFED) and National Cooperative Consumers’ Federation (NCCF) will continue to act as Central Nodal Agencies for procurement of copra and de-husked coconut under Price Support Scheme (PSS).
Price Support Scheme
- It has been launched by the government of India.
- Under this scheme when the prices of commodities fall below the Minimum Support price (MSP) , state and central notified procurement nodal agencies purchase commodities directly from the farmers at MSP under specified Fair Average Quality,
- This helps and protects the farmers against the economic loss in farming.
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