Union Agriculture Minister Narendra Singh Tomar made the announcement after a meeting of the Union Cabinet and the CCEA chaired by Prime Minister Narendra Modi.
Addressing the media, he said this is an attempt to double the farmers' income by 2022, as announced by the Prime Minister earlier.
Tomar said that the MSP of jowar has been increased by Rs 120 per quintal, ragi by Rs 253 per quintal and bajra by Rs 50.
The MSP of tur, moong and urad pulses has been raised by Rs 125, Rs 75 and Rs 100, respectively, he said.
"MSP of groundnut is up by Rs 200 per quintal while it is Rs 311 per quintal for soyabean, sunflower by Rs 262 and sesamum by Rs 236. Medium Cotton MSP has been raised by Rs 105 per quintal and Long Cotton MSP up by Rs 100 per quintal," Tomar added.
In a reply to a question, Tomar said there is, generally, no loss to the farmer on production of any crop.
He emphasized that the state governments should also focus on the purchasing of farmers' crops. "If state governments provide better crop purchasing base, it will really help farmers in selling their crops in better costs."
Tomar also asked farmers to register themselves with nearby 'Mandis' or purchasing centres so that they don't have to wait for weeks to sell their crops at such institutions.
Accepting that the monsoon is little bit late, Tomar said that the Central government was already in touch with state governments to tackle any drought-like situation if it occurs, while noting there is possibility of rain.
( With inputs from IANS )