Discuss the minimum support price as a price floor technique used by the government for the welfare of farmers
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The MSP system was started in 1966-67 for wheat and was expanded further to include other essential food crops, which was then sold to the poor under subsidised rates under the public distribution system (PDS). In 1966, wheat's MSP was Rs 54 per quintal. Currently, it is at Rs 1,975 per quintal.
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