NEWS
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- Government has increased the minimum selling price (MSP) of sugar to support the oversupply hit sugar industry.
- MSP is the minimum price paid to the farmers for procuring food crops.It is announced by the Government at the beginning of the sowing season.
- There are two objectives of the Minimum Support Price system (a)To prevent distress sale by the farmer in case of a bumper crop (b) To procure the grains for public distribution by fair price shops.
- They are recommended by the Commission for Agricultural Costs and Prices (CACP) and approved by Cabinet Committee on Economic Affairs.
- Food Corporation of India(FCI) is the nodal agency for procurement along with State agencies.
