What is minimum support price (msp) how is it being implemented in your area
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The data refers to the Minimum Support Price/Procurement Price for Crops (Crop year basis) for various years. Minimum Support Price is the price at which government purchases crops for the farmers, to safeguard the interests of the farmers.
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MSP is the minimum support price given to farmers in exchange for grains by the govt, sort of like wages.Increasing MSP would encourage farmers for more production. But too much of production might make storage difficult and a surplus might go to waste.So the govt must consider 'freezing' or in other words not increasing the MSP so that there isn't too much surplus.
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