An MSP scheme to transform Indian agriculture
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What the editorial is about?
A different way of designing a Minimum Support Price (MSP).Context:
The recent farmers’ movement.Minimum Support Price (MSP)
- The minimum price set by the government for certain agricultural products, at which the products would directly be bought from the farmers if the open market prices are less than the cost incurred.
- MSP must look especially into the requirements of farmers and the landless.
- MSP could serve, in principle, three purposes.
- Price stabilization in the food grains market.
- Income support to farmers
- As a mechanism for coping with the indebtedness of farmers.
The price stabilization policy
- The price stabilization policy for food grains in India evolved over time, first with the Essential Commodities Act in 19
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