On Wednesday, the Central government announced a 5.35% increase in the Minimum Support Price (MSP) for paddy, setting it at Rs 2,300 per quintal for the 2024-25 kharif marketing season.The government also highlighted significant MSP hikes for oilseeds and pulses. Notably, niger seed saw the highest increase at Rs 983 per quintal, followed by sesamum with a Rs 632 per quintal hike, and tur/arhar which rose by Rs 550 per quintal.Farmers can expect the highest margins over production costs for bajra at 77%, with tur at 59%, maize at 54%, and urad at 52%. For other crops, the margin over production costs is estimated at 50%.Union I&B Minister Ashwini Vaishnaw announced the decision on Wednesday evening, revealing that the Cabinet has approved the MSP for 14 kharif crops based on recommendations from the Commission for Agricultural Costs and Prices (CACP). This important move comes ahead of state elections in regions including Haryana and Maharashtra.Vaishnaw detailed that the MSP for common grade paddy has been increased by Rs 117 to Rs 2,300 per quintal. For the 'A' grade variety, it has been set at Rs 2,320 per quintal for the upcoming kharif season.Addressing the media, Vaishnaw noted that the government had committed in the 2018 Union Budget to setting MSP at least 1.5 times the cost of production. This policy was upheld in the recent MSP hike, with the cost calculated scientifically by the CACP.According to a PTI report, the Food Corporation of India currently has a stockpile of about 53.4 million tonnes of rice, which is quadruple the required buffer for July 1. This stock is adequate to fulfill demand under welfare schemes for a year without needing new procurement.