While showing the commitment to the welfare of the farmers, Finance Minister Nirmala Sitharaman increased the Minimum Support Prices (MSP) by 1.5 times the cost of production across all commodities.
With this over Rs 75,000 crore is to be paid to the wheat farmers in 2020-21 and 43.36 lakh farmers have benefited from this. She added that MSP procurement will continue at a steady pace. Rs 1 lakh crore to be paid to the rice farmers and Rs 1000 crore to the cotton farmers.
She added by saying that we are aiming to double the MSP in 2022.
The Finance Minister said that the Budget proposals for 2021-22 rest on six pillars –health and well-being, physical and financial capital and infrastructure, inclusive development for aspirational India, reinvigorating human capital, innovation and R&D, minimum government, and maximum governance.