PM Modi hails decision on MSP as 'historic'

New Delhi: Prime Minister Narendra Modi on Wednesday hailed the Union Cabinet's decision to give Minimum Support Price (MSP) of 1.5 times on the input cost to farmers as "historic".

He also asserted that his government will continue to take steps for the welfare of the farming community.

"I am delighted that the government has fulfilled its promise to give MSP of 1.5 times on the input cost to farmers. A historical increase has been made in MSPs of the crops," Modi said in a tweet.

He said that his government was committed to take every necessary measure for the development of agriculture sector.

The Prime Minister's remarks came soon after the Union Cabinet approved MSP for notified agricultural crops to provide farmers a profit of 50 per cent over the cost of production.

With IANS inputs