New Delhi: The Cabinet Committee on Economic Affairs (CCEA), headed by Prime Minister Narendra Modi announced a steep hike in minimum support price of copra by up to Rs 2,170 per quintal to Rs 9,521-9,920 for 2018-19 season.
The MSP (minimum support price) of ball copra has been increased by Rs 2,170 per quintal to Rs 9,920 per quintal for the 2018-19 season from Rs 7,750 per quintal in the last year, an official statement said.
The support price of milling copra has been raised by Rs 2,010 per quintal to Rs 9,521 per quintal for the current year from Rs 7,511 per quintal in the last year.
"The MSP of Copra is expected to ensure appropriate minimum prices to the farmers and step up investment in Coconut cultivation and thereby production and productivity in the country," an official release said.
The approval is based on recommendations of the government's price advisory body Commission for Agricultural Costs and Prices (CACP). CACP, an expert body, which takes into account the cost of production, trends in the domestic and international prices of edible oils, overall demand and supply of copra and coconut oil, cost of processing of copra into coconut oil and the likely impact of the recommended MSPs on consumers, while recommending the MSPs.
The National Agricultural Cooperative Marketing Federation of India Limited (NAFED) and National Cooperative Consumer Federation of India Limited (NCCF) would continue to act as Central Nodal Agencies to undertake price support operations at the Minimum Support Prices in the Coconut growing states.
India's annual coconut production is about 2,395 crore from 20.82 lakh hectare and the productivity is 11,505 coconuts per hectare, as per the official data.