- Diya Mulik (std. X Abhinav Vidyalay)
In 1960 Minimum support price was introduced by our Government because Indians faced many problems of food storage due to there being a drought for multiple years. This policy was very helpful for our farmers, this policy was designed to maintain stocks of food, and the government also provided price support to our farmers. The MSP was made for various commodities and the rates of grain were also turned into a minimum price for those who cannot afford it.
In our agriculture price policy when the MSP was declared for the first time from various objectives, one of them was Minimum support price which became an important function of our agriculture price policy.
The objective of the minimum support price is to ensure the price of farmers who grew the crops and give higher investment and production.
The objective of MSP is also to bring sufficient food production to the people and also the people are getting affordable food grains.
The minimum support prices are fixed by our Government of India because we get the food from our farmers and they should get proper price for their crops which they grow in their farm, that's why the MSP given by the government has a guaranteed price for their produce of farmers.
The MSP is beneficial for farmers because as per the minimum support price when the government purchases crops from the farmers they get the proper price of their crops.
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