PM Narendra Modi hails decision on MSP as 'historic'

Prime Minister Narendra Modi on Wednesday hailed the Union Cabinet`s decision to give Minimum Support Price (MSP) of 1.5 times on the input cost to farmers as "historic". He also asserted that his government will continue to take steps for the welfare of the farming community.

"I am delighted that the government has fulfilled its promise to give MSP of 1.5 times on the input cost to farmers. A historical increase has been made in MSPs of the crops," Modi said in a tweet.

He said that his government was committed to take every necessary measure for the development of agriculture sector. 

The Prime Minister`s remarks came after the Cabinet Committee on Economic Affairs approved MSP for notified agricultural crops to provide farmers a profit of 50 per cent over the cost of production. 

In tweets later, Modi said the government is leaving no stone unturned to ensure the well being of farmers. 

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"From soil to irrigation, from easy loans to insurance of crops, our government is working fully to bring a change in agriculture. 

"We are honoured and humbled that we had the opportunity to take a decision on the historic increase of MSP, which will further enhance India`s agricultural transformation," he said.