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What is a Minimum Support Price (MSP)? Why is a MSP needed?

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1) A Minimum Support Price is a price at which the farmers can sell their grain, if they want, to the Government. 

2) The Government sets the MSP so as to cover the cost of cultivation and allow a little bit of profit to the farmer. 

3) Thus the farmer, produced far markets within the country. 

4) The farmers are not forced to sell their grains at cheaper prices to the traders.

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