what is support price
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The price made support for the final good is called support price
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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. The minimum support prices are announced by the Government of India at the beginning of the sowing season for main crops like rice and wheat. The major objectives are to support the farmers from distress sales and to procure food grains for public distribution.
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