MSP Committee

The MSP Committee, or Minimum Support Price Committee, is a group within the government that helps set the Minimum Support Price for various agricultural products. This price acts as a safety net for farmers, ensuring that they receive a minimum amount for their crops, regardless of market fluctuations. The committee considers factors like production costs, market trends, and farmer welfare to determine fair prices. By stabilizing incomes, the MSP aims to protect farmers from price drops and encourage agricultural production, thus supporting the agricultural economy and food security in the country.