In a recent move to support agricultural sustainability, the Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi has approved the Minimum Support Price (MSP) for copra for the 2024 season.
The MSPs announced include Rs.11,160 per quintal for fair average quality of milling copra and Rs.12,000 per quintal for ball copra.
This decision was aligned with the Union Budget’s directive from 2018-19, that ensures MSPs must be set at a minimum of 1.5 times the all India weighted cost of production. This approval marks a proactive step for the upcoming season, with an increment of Rs.300 per quintal for milling copra and Rs.250 per quintal for ball copra in comparison to the previous season. Major copra producers, including Kerala and Tamil Nadu for milling copra and Karnataka for ball copra, are expected to benefit from this move.
“The approved MSPs, with margins of 51.84% for milling copra and 63.26% for ball copra, surpass the 1.5 times all India weighted average cost of production, reinforcing our dedication to farmer welfare and agricultural prosperity”, affirmed Prime Minister Narendra Modi.
In the ongoing 2023 season, the government has procured over 1.33 lakh metric tonnes of copra, at a cost of Rs.1,493 crores, which benefited more than 90,000 farmers. This achievement indicates a staggering rise of 227% over the previous season i.e.,2022.
The National Agricultural Cooperative Marketing Federation of India Ltd.(NAFED) and National Cooperative Consumers Federation(NCCF) will persist as being the central nodal agencies for the procurement of copra and de-husked coconut under the Price support scheme(PSS)
There is no doubt that increased prices will guarantee better returns and pave the way for a more robust copra production sector, meeting the escalating demand for coconut -related products.
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