Economics

Farmers are paid a pre-announced price by the government for their crops. It is called _______.


ANSWER

Minimum Support Price


SOLUTION

Minimum Support Price (MSP) is a announced by the Government of India at the beginning of the sowing season for certain crops. The MSP is a guarantee price for farmers' produce. The major objectives are to support the farmers from distress sales and to procure food grains for public distribution. 

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