What is the full form of the MSP ........

Agriculture and Rural Development (Phase-I/II) Present scenario in Indian Agriculure

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What is the full form of the MSP?

Minimum Stock Price

Minimum Statutory Price

Maximum Stipulated Price

Maximum Support Price

Minimum Support Price

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Explanation:

Minimum Support Price is a government facilitated mechanism where it buys the farm produce from the farmers if he is unable to sell in the market at a predetermined price called MSP. MSP is generally higher than the estimated cost price of the farmer. So, MSP is defined as the minimum rate at which government buys the crops grown by farmers in a season. It is the minimum price that a farmer is supposed to get for his production.