MSP is a form of market intervention by the Government of India to insure agricultural producers against any sharp fall in farm prices. It is announced by the government at the beginning of the sowing season for certain crops based on the recommendations of the Commission for Agricultural Costs and Prices (CACP). The significant hike in MSP for paddy in 2018 was aimed at fulfilling the promise of fixing MSP at least 1.5 times the cost of production.
From 4th July 2018 the Minimum Support Price (MSP) during 2018-19 for paddy per quintal is
Asked in UPPCS Prelims 2018 · Topic: Agriculture and Allied Sectors (Agricultural Policies and Programs (MSP, Subsidies))
More Economic Development questions
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