The Reserve Bank of India (RBI) announced in its annual report that the minimum support prices (MSPs) for kharif and rabi crops during the 2023-24 seasons ensured farmers a minimum return of 50% over the cost of production for all crops. This significant support measure aims to bolster agricultural income and stabilize the farming sector.

The report also highlighted that as of March 31, 2024, the overall public stock of foodgrains was 2.9 times the total quarterly buffer norm, indicating a robust food security reserve.

In a related development, the government extended the Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY) for an additional five years, starting from January 1, 2024. This scheme, which provides free distribution of foodgrains to the underprivileged, continues to play a crucial role in ensuring food security for vulnerable sections of society.

The RBI’s annual report underscores the government’s commitment to supporting the agricultural sector through favorable MSPs and food security initiatives, reflecting a strategic approach to sustaining agricultural productivity and farmer welfare in India.