In a significant move to support coconut farmers, Union Minister of Road Transport and Highways, Nitin Gadkari, announced that the Union Cabinet, under the leadership of Prime Minister Narendra Modi, has given its nod to the Minimum Support Price (MSP) for Copra for the upcoming 2024 season.
Gadkari said, “The MSP for Fair Average Quality of milling copra has been fixed at Rs.11,160 per quintal, providing a substantial margin for coconut farmers. Additionally, the MSP for ball copra has been established at Rs.12,000 per quintal. Gadkari highlighted that this decision is aimed at ensuring the welfare of farmers and promoting the cultivation of coconuts”.
One of the key aspects emphasized by Gadkari is the considerable margin provided to farmers through the approved MSP. He affirmed that this initiative guarantees a profit margin of 51.84 percent for milling copra and 63.26 percent for ball copra, exceeding 1.5 times the overall average production cost in India.
“The Minimum Support Price plays a crucial role in providing a safety net to farmers by establishing a guaranteed price for their produce. The decision to set MSP for copra at competitive rates reflects the government’s commitment to supporting agricultural practices and ensuring the well-being of farmers”.
As the agricultural sector forms the backbone of India’s economy, such initiatives are instrumental in boosting rural livelihoods and contributing to the overall growth of the nation. The approval of MSP for Copra for the 2024 season is expected to have a positive impact on coconut farmers, providing them with a fair and remunerative price for their produce.
