Indian Minimum Support Price (MSP)

The Indian Minimum Support Price (MSP) is the lowest price set by the government at which it agrees to buy certain agricultural crops from farmers. It provides a safety net to ensure that farmers receive a fair price for their produce, protecting them from price fluctuations and market uncertainties. MSP is announced annually for key crops like rice and wheat, encouraging farmers to grow these staples, and helping stabilize rural incomes and food prices across the country.