The government has recently approved significant measures related to the Minimum Support Price (MSP) for Kharif crops.
About Minimum Support Price:
- MSP is a guaranteed minimum price set by the government to purchase directly from the producer, primarily to prevent distress sales and to procure food grains for public distribution.
- Announced at the beginning of each sowing season, MSPs are based on calculations by the Commission for Agricultural Costs and Prices (CACP).
- The Cabinet Committee on Economic Affairs, chaired by the Prime Minister, makes the final decisions regarding MSP.
- As decided in the 2018 Union Budget, the MSP should be at least 1.5 times the cost of production to ensure fair compensation to farmers.
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