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Published on 8/02/2018 10:02:03 AM | Source: IANS

Cabinet approves MSP for copra

Posted in Commodity Top News| #Cabinet #Narendra Modi #Prime Minister #Commodity

The Cabinet Committee on Economic Affairs chaired by Prime Minister Narendra Modi on Wednesday gave approval to an MSP increase of Rs 1,000 for Fair Average Quality (FAQ) of 'milling copra' to Rs 7,500 per quintal for the 2018 season.

The Minimum Support Price (MSP) for FAQ of 'ball copra' was increased to Rs 7,750 per quintal for the 2018 season from Rs 6,785 in 2017, an official release said.

The MSP of copra is expected to ensure appropriate minimum price to farmers and step up investment in coconut cultivation and thereby its production.

"The approval is based on the recommendations of the Commission for Agricultural Costs and Prices (CACP), an expert body which takes into account the cost of production, trends in domestic and international prices of edible oils, overall demand and supply of copra and coconut oil, cost of processing copra into coconut oil and the likely impact of the recommended MSPs on consumers, while recommending the MSPs."