Full form of MSP - Everything you need to know - urstewatia.com

Full form of MSP 

MSP - Minimum Support Price

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What is MSP 

MSP stands for Minimum Support Price. It is the price at which the government of India purchases crops from farmers to ensure that they receive a minimum guaranteed price for their produce. MSP is announced by the government before the sowing season, usually based on recommendations from the Commission for Agricultural Costs and Prices (CACP).

The MSP system was introduced by the government of India in the 1960s to protect farmers from market fluctuations and to ensure that they receive remunerative prices for their crops. MSP is meant to provide farmers with an assured income for their produce and to encourage them to produce more.

The government of India announces MSP for various crops such as rice, wheat, maize, pulses, oilseeds, and cotton. The MSP is determined after considering factors such as the cost of production, market price trends, demand and supply, and international prices.

Farmers who sell their produce to the government at MSP are assured of a minimum price, even if market prices fall below the MSP. The government procures crops from farmers through various agencies such as the Food Corporation of India (FCI), the National Agricultural Cooperative Marketing Federation of India (NAFED), and other state agencies.

MSP has been instrumental in protecting farmers from market uncertainties and ensuring food security in the country. However, there have been debates on the effectiveness of the MSP system in addressing the issues of farmers and promoting agricultural growth.

Related Q&A:-

Q:-1. What is the full form of MSP?

Ans:- Full form of MSP is Minimum Selling Price.

Q:-2. What is MSP?

Ans:- MSP stands for Minimum Support Price. It is the price at which the government of India purchases crops from farmers to ensure that they receive a minimum guaranteed price for their produce. MSP is announced by the government before the sowing season, usually based on recommendations from the Commission for Agricultural Costs and Prices (CACP).

The MSP system was introduced by the government of India in the 1960s to protect farmers from market fluctuations and to ensure that they receive remunerative prices for their crops. MSP is meant to provide farmers with an assured income for their produce and to encourage them to produce more.

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