what is minimum support price (MSP)? why is MSP needed??
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The concept of the Minimum Support Price (MSP) system acts as a security to farmers so that their crops get the amount for their products and helps them sustain their losses, and does not affect them drastically. Helps government control the growth of crops that are low in production.
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Minimum Support Price (MSP) is a fixed price paid by the Government of India to farmers whenever they procure a particular crop. It is fixed prior to the sowing season to encourage higher investment and production of agricultural commodities. It is to be noted that MSP cannot be altered in any given situation.
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