 "Ashwini Vaishnaw, Ashwini, Vaishnaw")
Union Minister Ashwini Vaishnaw briefs the media on the Union cabinet’s decisions, in New Delhi, Wednesday, Oct. 16, 2024. (Photo: PTI)
Here are the key Cabinet announcements:
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Revised MSP Rates:
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Wheat: Rs 150 per quintal -
Barley: Rs 130 per quintal -
Gram: Rs 210 per quintal -
Lentil: Rs 275 per quintal -
Mustard: Rs 300 per quintal -
Sunflower: Rs 140 per quintal
Remunerative pricing:
Union Minister Ashwini Vaishnaw highlighted that the MSP for wheat is now 105 per cent above the cost of production. He pointed out that over the past decade, MSP for these crops has nearly doubled, ensuring farmers receive remunerative prices while promoting crop diversification.
Farmer benefits:
The MSP safeguards farmers against sharp price declines and plays a vital role in maintaining food security. It also serves as a reference for market price determination, offering financial stability to encourage better crop yields.
Announcement of a new rail-road bridge in Varanasi
Infrastructure development:
The Cabinet also sanctioned the construction of a new rail-road bridge over the Ganga river in Varanasi. This project will include four railway tracks and a six-lane highway, with a total investment of Rs 2,642 crore and is expected to be completed within four years.
Project advantages:
The new bridge will boost operational efficiency, reduce traffic congestion, and promote infrastructure growth along one of the busiest railway sections in India. It is projected to save 8 crore litres of diesel each year, amounting to Rs 638 crore in savings.
Additionally, the project will generate employment equivalent to 10 lakh human-days during its construction phase.
Additional Cabinet announcement
In another important decision, the Cabinet approved a 3 per cent increase in DA for central government employees. This adjustment, which will cost Rs 9,448 crore, is expected to benefit around 4.91 million central employees and 6.48 million pensioners. The DA hike will take effect from July 1 next year.
DA is a component of basic salary intended to mitigate the effects of inflation on the cost of living. It is generally revised biannually to account for changes in the cost of living.
The DA is calculated using the All India Consumer Price Index (AICPI), which tracks retail price fluctuations, and is adjusted twice a year. An increase in DA results in higher take-home pay, providing much-needed relief for households grappling with inflation.
First Published: Oct 16 2024 | 4:47 PM IST
