Food Security in India — Social Studies STD 9 — Question

Minimum Support Price is the pre-fixed/ announced price for the crop that is declared every year by the government to the farmers before the sowing season to provide incentives(payment/ insurance for crop) for raising the production of crop
The advantages are:

1. It improves the economic condition of the farmer.
2. It encourages crop growth of the specific type in need by the government.
3. It ensures a market crop failure by the purchase of government.
4. The buffer-stock increases as the crop is purchased through MSP.