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Full form of MSP   MSP - M inimum S upport P rice urstewatia.com What is MSP  MSP stands for Minimum Support Price. It is the price at which the government of India purchases crops from farmers to ensure that they receive a minimum guaranteed price for their produce. MSP is announced by the government before the sowing season, usually based on recommendations from the Commission for Agricultural Costs and Prices (CACP). The MSP system was introduced by the government of India in the 1960s to protect farmers from market fluctuations and to ensure that they receive remunerative prices for their crops. MSP is meant to provide farmers with an assured income for their produce and to encourage them to produce more. The government of India announces MSP for various crops such as rice, wheat, maize, pulses, oilseeds, and cotton. The MSP is determined after considering factors such as the cost of production, market price trends, demand and supply, and international prices. Farmers who ...