What is a Minimum Support Price (MSP)? Why is a MSP needed? in detail
NCERT Telangana Class 9 Social Studies Ch 4 food security in India
Answers
Minimum Support Price (MSP) is a form of market intervention by the Government of India to insure agricultural producers against any sharp fall in farm prices.
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Answer:
1) Minimum Support Price is the price at which the farmer can sell their products government or others.
2) This is decided by government every year during reaping time by considering the cost of production and nominal profit of farmer. 3) Traders or government have to purchase agricultural products at this price or more.
4) MSP provides minimum guarantee to the value of crops and farmers can sell crops at more prices according to demand.
5) This prevent traders syndicate of reducing price.