Haryana Becomes First State to Procure All Crops at MSP

Current Context : Recently, Haryana government announced the procurement of all crops in the state at the Minimum Support Price (MSP), thus becoming the first in the country to procure all crops at MSP.

• Government is already buying 14 crops on MSP.
• Addition of 10 crops to the MSP (Minimum Support Price) list include Ragi, Soybean, Kalatil (Nigerseed), Safflower, Barley, Maize, Jowar, Jute, Khopra and Moong (Summer).
• By adding these crops Haryana will be the first state to procure 24 crops at the MSP.

MINIMUM SUPPORT PRICE (MSP)

• MSP is a government policy that guarantees a minimum price for specific crops, ensuring farmers receive a fair return on their produce.
• Aim : to stabilize farmer incomes, prevent distress sales, and ensure food security by encouraging the production of essential crops.
• It is set by the Government of India based on recommendations from the Commission for Agricultural Costs and Prices (CACP).
• Factors include the cost of production, market trends, and expected returns.
• Procurement agency : Food Corporation of India (FCI).
• Ministry : Ministry of Agriculture and Farmers’ Welfare