PAPER - GS3
Subject - Indian Economy 

Que. Discuss the significance of the Minimum Support Price (MSP) system in India. Highlight the advantages and challenges associated with it.

प्रश्न: भारत में न्यूनतम समर्थन मूल्य (MSP) प्रणाली के महत्व पर चर्चा करें। इससे जुड़े लाभों और चुनौतियों पर प्रकाश डालें।
(150 words)
 

Strcture of the answer 

Introduction

• Briefly explain the Minimum Support Price (MSP) system

Body

• Highlight the significance of MSP System
• Mention advantages like income stabilization and incentivizing production, but it also faces challenges such as regional disparity, resource inefficiency, and fiscal strain.
• Also mention some reform through flow charts or in point form. 

Conclusion

• Reiterate the dual role of MSP in ensuring farmer welfare and food security while acknowledging the need for reforms to make it more inclusive and sustainable.