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Industry body Solvent Extractor's Association of India (SEA) has welcomed the government's decision to increase the minimum Support price (MSP) for Oilseed crops for the year 2018-19. The Centre on Wednesday raised the MSP at which the government will buy all Kharif crops for the 2018-19 seasons. The Cabinet Committee on Economic Affairs (CCEA), at its meeting, approved the MSP of 14 Kharif (summer-sown) crops. Among oilseeds, MSP of Soybean has been increased to Rs 3,399 a quintal (from Rs 3,050), Groundnut (shell) Rs 4,890 (Rs 4,450), and Sunflower seed Rs 5,388 (Rs 4,100), Sesame Rs 6,249 (5,300) and Niger seed Rs 5,877 (Rs 4,050). The MSP raise for oilseeds is 50% over cost of production. The hike in oilseeds MSP will boost cultivation and help the country to reduce import of edible oils, industry body, Solvent Extractor's Association of India (SEA) said. It is necessary that MSP is linked with the productivity, to ensure higher return per hectare to the farmer and provide incentives to encourage farmers of Punjab and Haryana to move from grain to oilseed, SEA said. However, analysts and economists have warned the move could help push up inflation, and with a fiscal deficit, prompt India’s central bank to raise interest rates more steeply than expected.

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