Farm sector boost: MSP for kharif crops to be 1.5 times input cost Arun Jaitley says

NEW DELHI: Union Finance Minister Arun Jaitley on Thursday announced that the Minimum Support Price (MSP) for notified kharif crops would be 1.5 times of the cost incurred by farmers for production.

Presenting the Budget in Lok Sabha, Jaitley said: "I am feeling very happy the government has decided to announce to make the MSP for all notified crops in the upcoming kharif season at least 1.5 times of the input cost."

Arun Jaitley said this measure would go a long way to realise the government's goal of doubling farmers' income by 2022.The BJP had promised before the 2014 election that agriculture commodities would be set with 50 per cent profit margin for farmers.