Question

What is minimum support price explain

Answer 1

Minimum support price (MSP) is a “minimum price” for any crop that the government considers as remunerative for farmers and hence deserving of “support”. It is also the price that government agencies pay whenever they procure the particular crop

Answer 2

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The minimum support price (MSP) is an agricultural product price, set by the Government of India to purchase directly from the farmer. This is not enforceable by law. By definition, this rate is to safeguard the farmer to a minimum profit for the harvest, if the open market has lesser price than the cost incurred. The Indian government sets the price for 23 commodities twice a year.