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.

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