MSP (Minimum Support Price) | Indian Economy for UPSC Prelims & Mains 2022-2023 | BYJU'S IAS
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MSP stands for Minimum Support Price. It is the minimum rate at which farmers sell their crops to the government. This price prevents farmers from market fluctuation and offers stability and income security. Established in 1965, the CACP or Commission for Agricultural Costs and Prices, recommends the MSP based on various factors. The Cabinet Committee on Economic Affairs, headed by the Prime Minister, takes the final call on the MSP. | The Hindu
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