Explanation – The Minimum Support Price (MSP) is a form of market intervention by the Government of India to ensure agricultural producers against any sharp fall in farm prices. The MSP is announced by the Government of India for certain crops at the beginning of each sowing season based on the recommendations of the Commission for Agricultural Costs and Prices (CACP). Out of the four crops listed, MSP is provided for two crops: cotton and maize.

Source: The Hindu