MSP (Minimum Support Price)

Minimum Support Price (MSP) is a government-set price at which it purchases certain agricultural crops directly from farmers. The goal is to ensure that farmers receive a guaranteed income, protecting them from price fluctuations in the market. By providing this price support, the MSP aims to encourage the production of essential crops, stabilize farmers' earnings, and promote food security. It helps to safeguard farmers against losing money during bad market conditions, thereby supporting rural livelihoods and boosting agricultural productivity.