Minimum Support Price

Minimum Support Price (MSP) is a government-set price at which farmers can sell their crops to ensure they get a fair return for their produce. This price acts as a safety net, preventing farmers from suffering severe losses due to fluctuating market prices. The MSP encourages farmers to grow certain crops by guaranteeing a minimum income, thus stabilizing their livelihoods and supporting agriculture. It plays a crucial role in agricultural policy, helping to ensure food security and income for farmers in the face of price volatility and market uncertainties.