INDIAN GEOGRAPHY

Detailed explanation-1: -Minimum Support Price (MSP) is the minimum price set by the government for certain agricultural products, at which the products would directly be bought from the farmers if the open market prices are less than the cost incurred. This is an important topic for the UPSC exam.

Detailed explanation-2: -Minimum Support Price (MSP) is a form of market intervention by the Government of India to insure agricultural producers against any sharp fall in farm prices.

Detailed explanation-3: -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.

Detailed explanation-4: -Towards this end, the Government announces, Minimum Support Prices (MSP) for 25 major agricultural commodities each year in both the Crop seasons after taking into account the recommendations of the Commission for Agricultural Costs and Prices (CACP).

Detailed explanation-5: -As India is an agricultural country, protecting our farmers has to be on the top list of the government. This is why, to protect farmers from such uncertainties, the Minimum Support Price or MSP was introduced by the government of India in the year 1966-67.