NEW DELHI:Farmers will get 50-83 per cent more returns as the Union cabinet approved minimum support price for 14 crops at a meeting today. The meet – preceded by meetings of the Cabinet Committee on Security and the Cabinet Committee on Economic Affairs -- also took key decisions on MSMEs (Micro, Small and Medium Enterprises) and street vendors.

"Gaon, gareeb, kisan (villages, the poor and the farmers) are the priority of the government," said a panel of Union ministers who briefed the media after the meeting, which, sources said, was expected to take "historic decisions".

Union Minister Narendra Tomar, who is in charge of the agriculture portfolio, said the farmers will now get more time to repay their loans -- the new deadline will be in August.

Loans can also be taken on the Kisan credit card and farmers can sell their harvest wherever they wish, the minister said.

A law to give farmers the choice to sell their produce anywhere and get the price they want was promised by the government last month.

While announcing the third tranche of the mega economic stimulus to help the industry after the coronavirus-induced lockdown, Union Finance Minister Nirmala Sitharaman said the new law will allow farmers to conduct "barrier-free interstate trade" and also e-trading of farm produce.