Minimum Support Price (MSP) is a government-set price aimed at ensuring farmers receive a fair price for their crops. Read on to know a few important things about MSP.
MSP plays a crucial role in providing economic security to farmers by guaranteeing a minimum price for their produce, protecting them from market fluctuations.
Yes, MSP influences the market price of crops, as it acts as a benchmark rate. It helps in stabilising prices and ensuring farmers receive a reasonable income for their hard work.
MSP provides farmers with a guaranteed income for their crops. This stability enables farmers to plan their finances effectively and reduces the risk of financial instability.
A minimum price for agri commodities promotes market stability. This benefits both farmers and consumers by ensuring a fair price for the produce while preventing price fluctuations.
MSP acts as an incentive for farmers to raise output as it guarantees a minimum price for their crops. This leads to higher agricultural output and contributes to food security.
MSP plays a vital role in supporting farmers and ensuring food security. Its benefits extend beyond economic stability, impacting the livelihoods of farmers across the country.
(Image source | Pexels)