Cabinet approves 50% profit over input cost for farmers

New Delhi, July 4 The Union Cabinet on Wednesday approved Minimum Support Price (MSP) for notified agricultural crops to provide farmers a profit of 50 per cent over the cost of production.

Addressing the media, Union Minister Rajnath Singh said the cabinet had taken the "historic" decision to give MSP of 1.5 times on the input cost to farmers, which will be a "big boost" to the economy.