Minimum Support Price
Published on 03 Jul 2024
Tags:
Economy
Keywords:
Commission for Agricultural Costs & Prices
Minimum Support Price
Minimum Support Price is a price set by the government to ensure that farmers receive a guaranteed minimum price for their agricultural produce.
The concept of MSP was formalized during the Green Revolution period in the 1960s & was first implemented for wheat in 1965.
The government established the Agricultural Prices Commission (APC), later renamed as the Commission for Agricultural Costs & Prices (CACP), to recommend MSPs for various crops based on production costs, market trends, and demand-supply dynamics.
https://images.indianexpress.com/2020/10/MSPSLIDE2.jpg?resize=324
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