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Question
Explain Minimum Support Price
Solution
Minimum Support Price is a price fixed by an expert group for a particular crop by considering various costs involved in the cultivation of that crop. After announcing the MSP, the State will open procurement centres in places where these crops are widely grown. However, the farmers are free to sell in the open market if they get a better price for their crop produce. On the other hand, if the open market price is lower than the MSP, the farmers would get an assured price (the MSP) by selling their produce to the FCI. Thus, with the implementation of MSP farmers are certain about the price they would get at the end of the crop season. Further, farmers also get insulated against any price crash during the harvest season.
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