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LATEST NEWS UPDATES | The pitfalls of legalising farm support prices -A Narayanamoorthy

The pitfalls of legalising farm support prices -A Narayanamoorthy

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published Published on Dec 26, 2021   modified Modified on Dec 27, 2021

-The Hindu Business Line

There is no guarantee farmers’ income will rise as the methodology for estimating cost of production is outdated, defective

Although the farmers’ agitation that lasted over one year was finally called-off, their demand for a law guaranteeing minimum support prices (MSP) for crops is continuing. Can the MSP be legalised in a country that produces about 1,000 million tonnes of agri-commodities? If so, who will benefit from it? What will be the cost of such a scheme? Are there alternative options?

The Centre has been announcing MSP for crops every year for two seasons — kharif and rabi — since 1965, based on the recommendation of the Commission for Agricultural Costs and Prices (CACP). Initially, it was announced only for wheat and paddy. Over the years, more crops were added. The MSP is currently offered for 23 crops. Historically, the MSP is determined based on the cost of cultivation, input prices, supply and demand of crops, the price level in world markets, etc.

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The Hindu Business Line, 26 December, 2021, https://www.thehindubusinessline.com/opinion/the-pitfalls-of-legalising-farm-support-prices/article38043532.ece?homepage=true


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