Minimum Support Price (MSP) is the price at which the government purchases crops from the farmers, guaranteeing them a minimum profit for their produce. The MSP is set by the government based on recommendations from the Commission for Agricultural Costs and Prices (CACP). It is aimed at ensuring farmers get remunerative prices for their crops and providing them with a safety net in case market prices fall below the cost of production. The MSP is an important tool to protect farmers' income and ensure food security in the country.
