What is the full form of MSP ? | Full form of MSP
MSP: Minimum Support Price The minimum support price is the price at which the crop cannot be bought in the government mandi. MSP is an important tool for farmers as it guarantees that they will always get a higher price than what their crops cost. The Government of India The Commission for Agricultural Costs and Prices (i.e. CACP sets a minimum support level for each crop every year before it can be ca. Sow the seeds to ensure that farmers get the best price for their crops. Government of India creates MSP for crops on the basis of recommendations of CACP. MSP can be applied to 26 crops at the moment, including pulses and grains, as well oileeds. Let's take a look at an example that illustrates the MSP. MSP law states that government cannot buy wheat procurement from farmers below Rs 2000 per month if the MSP for 2021 wheat crop is Rs 2000 per quintal. MSP has had positive effects on farmers' economic situation, but it is still disappointing that not all farmers ar...