MSP legislation and its cost

Syllabus: General Studies Paper 3 Context: Now that the three laws are set to be withdrawn, pressure is mounting on the government to implement the other, no less vociferous, demand by the farm unions: Providing legal guarantee for the minimum support prices (MSP) of crops. MINIMUM SUPPORT PRICE The MSP is a guarantee that acts as a safety net for farmers while selling their crop, the minimum price for any crop that government considers remunerative for farmers. The Centre presently announces the MSPs of 23 crops- 7 cereals - paddy, wheat, maize, bajra, jowar, ragi and barley) 5 pulses- chana,....Read More