The cabinet committee on economic affairs (CCEA), which met on Wednesday under the chairmanship of Prime Minister Manmohan Singh, approved the new pricing policy on the recommendations of the commission on agriculture costs and prices.
Briefing reporters after CCEA meeting, finance minister P Chidambaram said the MSP for paddy (common) has been hiked to Rs 570 per quintal from Rs 560 per quintal last year while the paddy (grade A) price is now fixed at Rs 600 per quintal, up Rs 10 from previous year.
The new prices for the crop varieties including jawar is Rs 525 per quintal from Rs 515, bajra Rs 525 from Rs 515, maize Rs 540 from Rs 525, ragi Rs 525 from Rs 515, arhar Rs 1,400 from Rs 1,390, urad and moong both to Rs 1,520 from Rs 1,410, groundnut in shell Rs 1,520 from Rs 1,500.
Soyabean (yellow) is hiked to Rs 1,010 from Rs 1,000 and sesamum to Rs 1,550 from Rs 1,500.
Mr Chidambaram said sunflower seed has undergone the highest increase to Rs 1,500 from Rs 1,390 while soyabean (black) stood flat at the original level of Rs 900.