Download the BYJU'S Exam Prep App for free IAS preparation videos & tests - Download the BYJU'S Exam Prep App for free IAS preparation videos & tests -

What is minimum support price?

Minimum Support Price (MSP) is a form of government intervention to insure the farmers against a steep decline in the prices of their goods and to help them prevent losses. It is the minimum price set by the government for certain agricultural products.  The farmers are paid a pre-announced price for their crops. The MSP is declared by the government every year before the sowing season to provide incentives to the farmers for raising the production of these crops.

Further Reading:

Related Links
National Food Security Act Farm Acts, 2020 – Arguments For & Against
New Crops Insurance scheme Agriculture Questions for UPSC Mains GS 3
UPSC Syllabus UPSC Age Limit

Comments

Leave a Comment

Your Mobile number and Email id will not be published.

*

*